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Tax-free income limit is increasing!

Tax-free income limit is increasing!

The government does not want to put extra pressure on the taxpayers in this special situation of corona virus. On the contrary, in some cases, Finance Minister AHM Mustafa Kamal is going to give tax exemption. According to budget sources, the tax-free income limit for individual taxpayers could increase from the existing Tk. 2.5 lakh. It can be Tk. 3 lakh or 3 lakh. This will reduce the tax burden of about 25 lakh taxpayers across the country.

On the other hand, in the case of a company, the existing tax rate of a company which is not listed in the stock market can be reduced from 35 percent to 2.5 percent. Besides, the government is going to give big concessions in case of investing undisclosed money to revive the stagnant economy. It is learned that the opportunity to launder this money can come by paying only 10 per cent tax without any penalty for a certain period of time.

Next Thursday, the finance minister is going to present the budget for the next fiscal year 2020-21 in the parliament. Sources said that these announcements of tax exemption may come in the budget. Find more…

Source: Online/SZK


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