Tax-exempted income limit raised to Tk 150,000

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FE Report
The proposed budget for fiscal 2007-08 has outlined enhancement of the tax-exempted income limit for individual taxpayers from existing Tk120,000 to Tk150,000.
"Simultaneously, I propose that if an individual tax payer paying taxes at the highest rate of 25 per cent, discloses at least 10 per cent higher income in the assessment year than that of the previous assessment year, he will be allowed 10 per cent tax rebate on the tax payable on that higher income," the finance adviser said in his budget speech.
He proposed a legislative provision for introducing 'Universal Self-Assessment Procedures' to motivate and encourage taxpayers to pay tax voluntarily.
The finance adviser proposed to make income-tax law simpler and appropriate for the present times bringing changes in the Income Tax Ordinance, 1984.
The proposals are:
o Irrespective of profit or loss, minimum tax on the basis of turnover will be reduced from 0.50 per cent to 0.25 per cent;
o Fifty per cent of foreign travel expenses of company directors in excess of four travels (in place of prevailing two travels) will be deemed as income of the company o Provision for deduction of tax at source on credit card bill to be abolished.