Minimum tax for small income taxpayers
Saturday, 12 June 2010
FE Report
The government is set to allow the small income taxpayers in businesses and professional houses to pay minimum tax for three consecutive years under the newly introduced spot assessment system.
The proposed budget for fiscal 2010-2011 has kept the provision to bring new taxpayers under the tax net by offering special facility.
Under the measure, taxmen will go to shops and professional houses and collect the minimum income tax from the taxpayers.
Potential income taxpayers in businesses with minimum capital up to Tk 0.8 million can pay minimum tax Tk 2000 for three consecutive years.
Businesses with capital above Tk 0.8 million to Tk 1.0 million will be allowed to pay Tk 4,000 income tax under the system.
Physicians and lawyers, whose professional age does not exceed five years, will also able to avail the facility by paying Tk 2000 minimum tax for three consecutive years.
Minimum tax will be Tk 4000 for physicians and lawyers whose professional age is above five year to 10 years.
Mandatory rule on payment of Advance Income Tax (AIT) of Tk 1000 for opening Taxpayers Identification Number (TIN) will not be applicable for the taxpayers who will file tax return under spot assessment.
The new fiscal measure aims to encourage small businesses for paying of income tax under spot assessment.
The government is set to allow the small income taxpayers in businesses and professional houses to pay minimum tax for three consecutive years under the newly introduced spot assessment system.
The proposed budget for fiscal 2010-2011 has kept the provision to bring new taxpayers under the tax net by offering special facility.
Under the measure, taxmen will go to shops and professional houses and collect the minimum income tax from the taxpayers.
Potential income taxpayers in businesses with minimum capital up to Tk 0.8 million can pay minimum tax Tk 2000 for three consecutive years.
Businesses with capital above Tk 0.8 million to Tk 1.0 million will be allowed to pay Tk 4,000 income tax under the system.
Physicians and lawyers, whose professional age does not exceed five years, will also able to avail the facility by paying Tk 2000 minimum tax for three consecutive years.
Minimum tax will be Tk 4000 for physicians and lawyers whose professional age is above five year to 10 years.
Mandatory rule on payment of Advance Income Tax (AIT) of Tk 1000 for opening Taxpayers Identification Number (TIN) will not be applicable for the taxpayers who will file tax return under spot assessment.
The new fiscal measure aims to encourage small businesses for paying of income tax under spot assessment.