DHAKA, The government will continue the existing tax free income limit in the financial year 201920 (FY20).
This was revealed today in the proposed budget placed in parliament by finance minister AHM Mustafa Kamal.
General tax exemption threshold of the income of taxpayers, other than companies, for the last few years was Taka 2,50,000. The threshold for female taxpayers was Taka 3,00,000. In addition, this threshold is higher for other special classes of taxpayers. The criteria for keeping the threshold unchanged for the last few years have remained same this year as well, the finance minister's budget speech read.
In the budget speech, the government proposed that the tax exempted income threshold and tax rate for all taxpayers except for companies will remain unchanged for the next fiscal year.
The existing minimum tax for a taxpayer, except company taxpayer, residing in Dhaka North City Corporation, Dhaka South City Corporation and Chittagong City Corporation, any other city corporation, and other areas is Taka 5,000, Taka 4,000, and Taka 3,000 respectively.
Source: Bangladesh Sangbad Sangstha (BSS)