Increasing tax exemption ceiling
Sunday, 8 June 2008
ACCORDING to newspaper reports, the government is unlikely to increase the exemption ceiling of income tax. If it is not done, sufferings of many fixed income groups would go up more than ever.
Price-rises of all commodities have hit the fixed-income groups most. Expenditures of these people have increased sharply because of rising costs of food, housing, transport, utility bills and what not. Actual earnings of the fixed-income people have decreased substantially. To survive in this situation, they have to increase their income by investing in share market or doing small business. In such a situation, if the tax is not reduced, they would be overburdened.
Besides, separate tax exemption ceiling is needed for specific groups like retired persons and small entrepreneurs. Many senior citizens have to depend on their limited earnings for survival. They earn limited money out of investment of their life-long earnings in real estate. House rent provides them with a source of income. So the exemption ceiling for these people should be more than those for other fixed income groups. It is strongly recommended to increase the ceiling after reviewing income of different fixed income groups so that they do not feel deprived.
Zahirul Islam
Paribagh
Dhaka
Price-rises of all commodities have hit the fixed-income groups most. Expenditures of these people have increased sharply because of rising costs of food, housing, transport, utility bills and what not. Actual earnings of the fixed-income people have decreased substantially. To survive in this situation, they have to increase their income by investing in share market or doing small business. In such a situation, if the tax is not reduced, they would be overburdened.
Besides, separate tax exemption ceiling is needed for specific groups like retired persons and small entrepreneurs. Many senior citizens have to depend on their limited earnings for survival. They earn limited money out of investment of their life-long earnings in real estate. House rent provides them with a source of income. So the exemption ceiling for these people should be more than those for other fixed income groups. It is strongly recommended to increase the ceiling after reviewing income of different fixed income groups so that they do not feel deprived.
Zahirul Islam
Paribagh
Dhaka