Parliament has approved a supplementary budget of Tk 139.87 billion to authorise additional expenditures by ministries and divisions for the current fiscal year ending Jun 30.
Individual tax rate to remain unchanged in FY22
Finance Minister Mustafa Kamal is planning to keep the individual tax rate unchanged in the proposed national budget for the fiscal year 2021-22.
Published : 3 June 2021, 10:41 AM
Updated : 3 June 2021, 10:41 AM
The threshold of tax-free income was raised to Tk 300,000 per annum, from Tk 250,000, in the spending plan for FY21 owing to the slump in personal income due to the coronavirus pandemic.
The existing rate will also apply to taxpayers of the third gender community to facilitate their social inclusion, according to Kamal.
In addition to introducing a special provision for the community, Kamal also proposed fixing the tax-free ceiling at Tk 350,000 for third gender people.
Highlighting the government's commitment to creating a 'business-friendly environment', Kamal also recommended reducing the rate of business turnover tax for individuals to 0.25 percent from 0.50 percent.
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