In the proposed budget for the fiscal year 2022-23, VAT on broadband internet and 5% VAT on mobile phones in the retail market is being imposed. As a result, the prices of mobile phones and internet will go up.
This is evident from the budget proposal presented in the National Assembly on Thursday afternoon in the presence of Prime Minister Sheikh Hasina, chaired by Speaker Shirin Sharmin Chowdhury.
According to the announcement of Finance Minister AHM Mustafa Kamal, the existing 5% VAT on broadband internet is going to be increased to 10%. In addition, 5% VAT has been imposed on the sale of mobile phones at the new retail level.
As a result, the price of imported smart mobile phones may increase in another phase by imposing tariffs on protection of domestic products. In that case the domestic companies are getting benefits. The price of imported refrigerators and ACs may go up further due to tariff hike. All types of imported luxury home appliances are likely to increase the prices. Prices of computer printers and toners, imported mobile chargers, carbon dioxide, CNGs of two-stroke and four-stroke engines will go up.
