Finance
FBCCI FBCCI demands rise in tax free income limit to Tk4.5 Lakh
Dhaka, April 5: Taking into account the current inflation and the real income of low-income people, the top business association FBCCI has demanded that the tax-free income limit of individuals be increased to Tk 4,50,000 in the budget of the next financial year 2024-25.
At the same time, the organization has recommended fixing the tax-free income limit of Tk 5 lakh for senior citizens and women.
The demand was made at the 44th meeting of the National Board of Revenue (NBR) Advisory Committee held at Hotel Sonargaon on Thursday. The meeting was held under the joint initiative of National Board of Revenue and FBCCI. Finance Minister Abul Hasan Mahmud Ali was the chief guest.
The president of the organization Mahbubul Alam presented the recommendations of FBCCI on the occasion of the budget of the financial year 2024-25.
FBCCI recommends raising the tax-free income limit to Tk 4.5 lakh for individuals and Tk 5 lakh for senior citizens and women. This demand has been made taking into account the current inflation and the real income of low income people.
According to FBCCI, there are currently around one crore TIN holders. Of these, approximately 35 lakhs filed income tax returns. Those whose income is above the tax-free limit are required to file income tax returns.
In a written statement, the FBCCI President said that although the national economy is currently on a solid foundation, we have to advance the pace of development of our economy by facing the challenges of LDC graduation despite the long-term adverse effects of the post-coronavirus and the ongoing Russia-Ukraine war and the Middle East crisis. For this reason, it has become necessary to strengthen and strengthen the business-friendly environment of the country. Because the government can collect its desired revenue only if the economy runs at the right pace.
