Dhaka, Bangladesh (BBN)– National Parliament on Wednesday passed the Finance Bill 2012 with some revisions of tax proposals, including tax-free income limit, tax at source on exports and tax on mobile phone calls.
Considering the proposals from the lawmakers, including Prime Minister Sheikh Hasina, Finance Minister AMA Muhith increased the tax-free income ceiling to BDT 2.00,000 from the earlier proposed BDT 180,000.
The tax-free income limit, according to the revised decision, will be BDT 224,000 and BDT 275,000 respectively for the senior citizens and the people with disabilities. “However, the minimum income tax will remain unchanged at BDT 3,000.”
The finance minister proposed passage of the bill that included the implementation of government’s financial proposals and amendments to several laws.
The bill was tabled on June 7 when he also proposed budget for the next fiscal 2012-13 that will come into effect from July 1.
Mr. Muhith withdrew 2.0 percent tax proposal on mobile phone talk-time as most of the lawmakers, including the prime minister, requested the minister to withdraw it.
The finance minister also brought down tax at source on all types of exports at 0.8 percent from the earlier proposed 1.2 percent to keep the export growth unhurt.
Taxes on computer monitor up to 22″, motorbike, aluminous kitchen- wares. Tax exemption has been given on the investment of BDT 4.0 million in SME sector.
BBN/SSR/AD-27June12-11:40 pm (BST)