The budget proposed for fiscal 2008-09 will not see any major change, finance and planning adviser AB Mirza Azizul Islam said Monday, reports bdnews24.com
Some minor changes may be possible.
Speaking to the news agency at his office, the adviser said: "After a great deal of analysis and consultation with businessmen, industrialists and economists, I presented a business-friendly budget."
Five organisations gave their opinions in discussion meetings, while many others posted theirs on the website of the finance ministry.
"I have examined the opinions that came to me, but nobody spoke of any big change. On behalf of some business organisations, some taxpayers proposed a tax-free income limit of up to Tk 0.2 million from the existing Tk 0.15 million."
FBCCI demanded making undisclosed income legal for investment in the productive sector without fine.
"On this proposal, I want to say clearly without leaving any option for questions, that no scope will be given to make undisclosed income legal without fine."
"A respectable taxpayer is regularly paying income tax in time at a fixed rate whereas another does not pay for long. Now it is said that an opportunity has to be given to make undisclosed income legal without fine. This cannot be accepted under any circumstances," Mirza Aziz asserted.
On the enhancement of the tax-free income limit, the adviser said: "In the ongoing budget, the limit of individual taxpayers has been extended to Tk 0.15 million from Tk 0.12 million."
"It is not proper to extend this limit every time."
"One has to take into consideration the revenue side. Considering all aspects, the limit of tax-free income was not increased. But for the first time, the limits of tax-free income for women and the elderly (over 70) have been raised to Tk 0.165 million."
An FE report adds: The finance ministry has been flooded with appeals for upward revision of income tax limit as the time for sending opinions on the new budgetary proposals ended Monday, said the official sources.
It has received 542 opinions and suggestions, mostly on enhancement of income tax exemption limit from the existing Tk 150,000.
Finance adviser Dr. Mirza Azizul Islam, who announced the national budget for the second time in a row, kept income tax exemption limited unchanged at an annual Tk 150,000.
He also sought opinions and suggestions on the budgetary proposals in the previous fiscal.
But unlike the previous occasion, the finance ministry did not extend the 8-day deadline this time.
The finance ministry officials said 350 opinions were posted directly on the ministry web-site while the rest came through others channels like newspaper and electronic media.
Last fiscal, the finance ministry received more than 1500 opinions and suggestions.
