Tuesday, 5 July, 2022

Tax free income ceiling kept unchanged in budget for FY23

The tax free income ceiling for the individual taxpayers has been kept unchanged in the next fiscal year (2022-2023).

"You are well aware that the tax-free income ceiling for individual taxpayers, which was Taka 1.65 lakh in FY10, has been increased from time to time to bring it to the tune of Taka 3 lakhs in FY21. This ceiling has been kept unchanged in the following fiscal year," said Finance Minister AHM Mustafa Kamal.

He said this while placing the proposed national budget for the next fiscal year (FY23) at Jatiya Sangsad today.

The Finance Minister said that since taking charge in 2009, the present government has constantly been pursuing a taxpayer, business and investment friendly policy in collecting taxes to establish a strong tax culture in the country.

"The essence of this policy is to gradually ease the tax burden by increasing investment and tax-to-GDP ratio in the economy, and also by motivating the taxpayers for better tax-compliance," he said.

Kamal said the tax-exempt income ceiling is even higher for females, senior citizens, physically challenged people, members of the third gender, and freedom fighters, who were wounded in the war.