FBCCI proposes tax free income limit at Tk 3.5 lakh


Leaders of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) on Thursday proposed increasing the individual tax free income limit to Taka 3.50 lakh from the existing Taka 2.5 lakh and slashing 5 percent corporate tax.

FBCCI President Shafiul Islam Mohiuddin proposed this at the National Board of Revenue’s (NBR) 39th consultant meeting held at Hotel Sonargaon on Thursday.

Finance Minister Abul Mal Abdul Muhith were present in the occassion while NBR Chairman Md. Mosharraf Hossain Bhuiyan presided over the meeting.

During the meeting, the NBR chairman said it will consider the issue on how the revenue earnings can be increased by slashing tax rates.

Mentioning the proposal to lower corporate tax rate, he said the NBR will consider how the corporate tax can be slashed in phases.

Bhuiyan urged businesspeople to pay duty and VAT timely, saying that it is found that many establishments are collecting VAT but not depositing the money at government exchequer.