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National budget 2024-25 : Products price that may decrease

The government intends to half the source taxes on 20 essential commodities, including paddy, rice, wheat, potatoes, fish, and meat, in the national budget for fiscal year 2024-25, which will be unveiled Thursday (June 6).

Finance Minister Abul Hassan Mahmood Ali will unveil the national budget at 3 pm.

This is the 53rd budget in the country and the 25th under the Awami League government.

Daily necessities cost

The cost of numerous necessary items may decrease in the budget. These include paddy, rice, wheat, potatoes, fish, meat, onion, garlic, peas, chickpeas, ginger, turmeric, dried chilies, pulses, maize, flour, salt, edible oil, and sugar.

The National Board of Revenue (NBR) has recommended reducing the current source tax deduction rate from  2 to 1 percent for the supply of these items.

Laptop price

The government’s plan┬áto reduce the total tax on laptop imports could reduce the product’s price.

This policy tries to combat counterfeit items while also supporting local freelancers and developers. Importers currently pay a 31 percent tax on laptop imports, plus a five percent duty.

This year’s budget will reduce the total tax by 10 percent, bringing it to 20.percent. The budget may also extend the tariff benefit for importing mobile raw materials for a further two years.
Kidney dialysis costs

The budget may lower the duty on kidney dialysis filters and circuits. If this happens, experts believe the treatment will become more accessible.
Livestock production costs

Subsidies, incentives, duties, and VAT exemptions on imported products may be provided to increase domestic production of agricultural products, especially poultry, cattle, and fish.

The import duty on wet gluten used in poultry feed may be cut from 15 percent to lower production costs and ensure affordable meat for consumers.

Due to high demand for jute and sugarcane in cattle feed production, the finance minister may announce a further reduction of import duty on goods from 10 percent.
Powdered milk price

The government is planning to reduce the total tax rate on the import of packaged powdered milk weighing up to 2.5 kilogrammes from 89.32 percent to 58.60 percent.