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Salt gets relief, sugar not much

JS passes budget; income tax on professionals reduced

Staff Correspondent
The budget proposal to increase supplementary duty on salt has been withdrawn while that on sugar scaled down.
The proposal to reduce duty on hard drinks has also been withdrawn.
The parliament yesterday
passed the budget for fiscal 20032004, which will be effective from today.
In placing the proposed budget in parliament, Finance Minister M Saifur Rahman intended to increase duty on salt to 75 per cent from 60 per cent and on sugar to 40 per cent from 20 per cent.
But in passing the budget yesterday in parliament, he said the
duty on salt will not increase and that on sugar will be 30 per cent.
Five more changes have been brought to the budget proposals.
A move making it mandatory for a person contesting the union parishad polls to submit tax return has been withdrawn.
Another proposal on fixing
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minimum income tax amounts for professionals, businessmen and company directors has been amended.
The proposal was to slap a minimum Tk 12,000 in income tax on businessmen and professionals and Tk 30,000 on company directors. This has been changed to Tk 3,600 for persons belonging to all the three categories.
The finance minister had first declared to withdraw the proposal in its entirety. But he slapped the lump sum amount reading the mood of the House.
Duty rebate facility on taxi cabs has been stretched to vehicles of 1250 CC instead of 1301 CC and above.
Enhanced duty rate on liquid petroleum industrial bitumen has also been withdrawn, keeping it at the previous rate of 7.5 per cent instead of the proposed 15 per cent.
The parliament also okayed a Tk 65,558.19 crore expenditure for the next fiscal including Tk 44,736.19 crore non-development outlay and Tk 20,822 crore development outlay.
While passing the finance bill, 910 cut motions were moved against 95 demands for grants.