A set of fiscal measures for the next budget, including upward revision of tax-free threshold for individual taxpayers by Tk 50,000, got Prime Minister (PM) Sheikh Hasina's consent on Sunday.
The PM held a meeting with senior officials of the Ministry of Finance (MoF) and the National Board of Revenue (NBR).
Considering growing cost of living, the tax-free income limit for individual taxpayers might be raised to Tk 3,50,000 from existing Tk 3,00,000, officials said.
The tax-free limit for women, senior citizens, and physically challenged persons might go up too.
A concept on introduction of new professionals - Tax Return Preparer (TRP) - also got the PM's approval, which would be incorporated in the Finance Bill 2023.
The TRPs would facilitate taxpayers to prepare tax returns. A separate rule would be framed on TRP under the Income Tax Ordinance 1984 for next year. They may not have any legal authority to represent the taxpayers before the taxmen.
The government may impose 'environment surcharge' on the people having more than one personal car, officials said.
Earlier, the tax authority planned to introduce 'carbon tax' on such people. Later, it dropped the concept, as the measure would not cover carbon emission from factories.
The NBR may widen the areas of mandatory submission of tax return certificate for availing some more services. Currently, it is mandatory for availing some 38 services - offered by both private and public sectors.
Corporate tax rates and source tax at 1.0 per cent on export proceeds for ready-made garment industry may remain unchanged, as the NBR did not propose any change on these to the PM.
A set of benefits to encourage savings through banks and savings certificates may be incorporated in the fiscal measures, they added.
The government has set Tk 4.30 trillion tax revenue collection target for the upcoming FY.
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