In the public interest and protection of local industries, the budget for the fiscal year 2023-24 has exempted various types of goods from customs duty and VAT.
As a result, prices of various types of food products, clothing and electronic equipment may decrease.
Among the possible price cuts, there are meat and meat products, domestic electric LED bulbs and switch-sockets, sweets, luxury goods, luxury foreign apparel and e-commerce delivery charges.
Prices of sprayer machines, pesticides, locally produced cancer and diabetes drugs, diapers, shampoos, soaps, imported agricultural machinery, imported fish, poultry feed, imported aircraft parts, sweets, handmade biscuit-cakes, local juice machines, spray machines are also likely to reduce.
The proposed budget has also proposed to impose or increase tariffs on several products.
This results in expensive cars, bicycles, construction materials, land and flat registration, cigarettes, basmati rice, cashew nuts, gold, dates, cement, rods, foreign glues, travel expenses, plastic household products, refrigerators, fans and accelerators, tableware, Prices of kitchenware, tissues, napkins, soft drinks, ovens, pens, glasses and LPG cylinders may increase.
Earlier, the proposed budget was approved in the Cabinet meeting chaired by Prime Minister Sheikh Hasina at the Jatiya Sangsad Bhaban. Then the President Md. Sahabuddin signed on the proposed budget.
The proposed budget will be approved on June 26. Before that, there will be a 40-hour discussion on the budget in Parliament. The new financial year will start from July 1. The new financial year will run according to the new budget allocation and plan.