Motorcycle prices may go up in FY25

The ruling party Awami League's first budget for the fourth consecutive term has been announced in the Parliament. A budget of Tk 7 lakh 97 thousand crore has been presented for the fiscal year 2024-25, keeping the slogan of 'Commitment to building a happy, prosperous, developed and smart Bangladesh'. It has recommended an increase in duty on import of motorcycle parts from 5% to 15%. As a result, the price of imported motorcycles above 250cc is increasing.

Finance Minister Abul Hasan Mahmud Ali revealed this information while presenting the budget in Parliament on Thursday (June 6) at 3 pm.

The finance minister said, 'I recommend to levy 10% import duty on the import of parts for motorcycles with engine capacity above 250cc. At the same time, I recommend to increase the existing import duty from 5% to 15% against the related products in Tariff of Bangladesh Customs.

Note that the amount of the proposed budget for the current fiscal year 2023-24 was Tk 7 lakh 61 thousand 785 crore. Later it was revised to Tk 7 lakh 14 thousand 418 crore.