Parliament passes Finance Bill 2024-25 with some changes

Parliament has passed the Finance Bill for the upcoming 2024-25 fiscal year with some changes.

The Bill was passed by a voice vote during Saturday’s session presided over by Speaker Shirin Sharmin Chaudhury.

Several MPs proposed changes to the original Bill placed by Finance Minister Abul Hassan Mahmood Ali. He accepted some of the proposals.

Leader of the House Prime Minister Sheikh Hasina and Leader of the Opposition GM Quader took part in the general discussion on the proposed budget earlier.

The finance minister then delivered his closing speech on his first budget worth Tk 7.97 trillion.

The budget for the upcoming fiscal year is expected to be passed on Sunday. The MPs discussed the proposed budget for 11 days.

The Finance Bill has retained the proposed provision to allow legalisation of undisclosed income by paying a 15 percent tax amid a debate over the option.

No questions will be asked if the undisclosed income is used for buying land or flat by paying the tax. Such income can be in cash, company share, or other types of investments.

The maximum income tax has been kept unchanged at 25 percent instead of the proposed 30 percent.

The Finance Bill includes a provision exempting income from Universal Pension Scheme and premium paid for the scheme from tax.

A 15 percent tax has been imposed on capital income of companies, funds and trusts. In the proposed Bill, the provision was kept for individuals only.

The Finance Bill has also exempted government agencies from environmental surcharge for more than one car.

If someone shows at least 15 percent more income in the tax return than the previous year, they will not require audits.

Tax return has been made mandatory for renting a community centre or convention hall in city corporation areas. In the proposed Bill, the provision was applicable to such establishments across the country.