Dhaka, June 11 -- The government has proposed reductions in multiple types of taxes, such as import duties and VAT, on a range of products and services, including daily essentials.

Consequently, the prices of these goods and services are likely to fall.

The budget proposed to reduce the source tax rate from 5 percent, 2 percent, and 1 percent to 0.5 percent respectively on 60 daily essentials, basic agricultural products, and consumer goods, including paddy, rice, wheat, potatoes, livestock, poultry, fish, onions, garlic, ginger, salt, sugar, edible oil, and seeds.

The existing 5 percent advance tax on the import of kidney dialysis filters is to be fully waived.

Moreover, it has been proposed to grant a full exemption from the 7.5 per...