Bangladesh National Budget: What products will get costlier in FY 2020-21?

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Finance Minister AHM Mustafa Kamal on 11 June 2020 placed Tk 568,000 crore national budget for 2020-21 fiscal with an ambitious target of 8.2 percent GDP growth amid the economic fallout due to the coronavirus pandemic.

The minister started placing the budget at the parliament around 3:00 pm with the permission of Speaker Dr Shirin Sharmin Chaudhury. Leader of the House Prime Minister Sheikh Hasina and a number of lawmakers joined the session.

While delivering his budget speech, Kamal said the size of the total budget for 2020-21 fiscal year has been estimated at Tk 5,68,000 crore, which is 17.9 percent of country’s GDP.

Dubbing the budget as “economic transition and pathway to progress”, the finance minister said the total allocation for operating and other expenditures has been projected at Tk 3,62,855 crore and the allocation for the annual development programme (ADP) has been estimated at Tk 2,05,145 crore.

 

As to garner the revenue, the following products are going to become costlier in this fiscal year.

 

Price will increase due to an increase in CD (Customs Duty)
Onions Wrapped/canned up to 2.5 kg; Onions in bulk; Disodium sulphate; Natural honey in bulk; Dredgers; Protein concentrates and textured protein substances; Colour lakes; Inkjet refill in injectable form; Products suitable for use as glues or adhesives, put up for retail sale as glues or adhesives, not exceeding a net weight of 1 kg; Prepared additives for cements, mortars or concretes; Wire of Aluminium Alloys (Maximum Cross- Sectional Dimension =<7Mm); Lightning arresters; Automatic sensor switches for lighting control.

 

Price will increase due to increase in RD (Regulatory Duty)
Ferromanganese: Containing by weight more than 2% of carbon; Ferrosilicon: Containing by weight more than 55% of silicon; Ferro-silico-manganese Plated or coated with tin of a thickness of 0.5 mm or more; Plated or coated with lead, including terne- plate; Electrolytically plated or coated with zinc; Other plated or coated with zinc; Plated or coated with chromium oxides or with chromium and chromium oxides; Other Plated or coated with aluminium-zinc alloys; Painted, varnished or coated with plastics of a thickness of more than 1.0 mm; Other Flat-rolled products of iron or non-alloy steel; Artificial guts (sausage casings) of hardened protein or of cellulosic materials; Ferromanganese: Containing by weight more than 2% of carbon; Ferrosilicon: Containing by weight more than 55% of silicon; Ferro-silico-manganese; Plated or coated with tin of a thickness of 0.5 mm or more; Plated or coated with lead, including terne- plate; Electrolytically plated or coated with zinc; Other plated or coated with zinc; Plated or coated with chromium oxides or with chromium and chromium oxides; Other Plated or coated with aluminium-zinc alloys; Painted, varnished or coated with plastics of a thickness of more than 1.0 mm; Other Flat-rolled products of iron or non-alloy steel.

 

Price will increase due to increase in SD (Supplementary Duty)
Fresh or chilled Cuts and offal of fowls Wrapped/ canned upto 2.5 kg; Fresh or chilled Cuts and offal, fresh or chilled, in bulk; Frozen Cuts and offal of fowls Wrapped/canned upto 2.5 kg; Frozen Cuts and offal of fowls in bulk; Nails, Tacks, Drawing Pins of iron/steel; Other Self-Tapping Screws; Threaded Nuts of Iron/Steel; Other Seat.

 

Price will increase due to VAT (Value Added Tax) increment
Fresh or chilled Cuts and offal, fresh or chilled, in bulk; Frozen Cuts and offal of fowls in bulk.

 

Read more about products that are going to become cheaper this fiscal year here.

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