Bangladesh raises tax-free income ceiling by Tk 50,000 for FY24

The threshold is set to rise by Tk 50,000 to Tk 350,000 for individuals and to Tk 400,000 for women and senior citizens

A view of a tax fair organised by the National Board of Revenue.

Finance Minister AHM Mustafa Kamal is planning to raise the threshold for tax-free income for the first time since FY21 as part of the government's spending plan for the new fiscal year starting in July.

Kamal tabled a pre-election budget of Tk 7.6 trillion, the largest in the country's history, in parliament on Thursday.

In the latest spending plan, Kamal proposed raising the tax-free income ceiling by Tk 50,000 to Tk 350,000 for individuals and to Tk 400,000 for women and senior citizens.

"This reduction of the tax burden will hopefully give them some relief and encourage them to pay taxes regularly," he said.