Dhaka Chamber of Commerce and Industry on Wednesday recommended the National Board of Revenue for increasing tax-free income limit to Tk 3 lakh from the existing Tk 2.20 lakh for individual taxpayer in the coming budget for the next financial year of 2014-15.
It also suggested the NBR to increase the rate of tax for people having income of over Tk 5 lakh and impose 20 per cent tax on the income.
DCCI made the recommendation in their budget proposals which was handed over to NBR chairman Ghulam Hussain on the day.
It also proposed for increasing the tax-free income limit for female and senior citizens to Tk 3.5 lakh from Tk 2.25 lakh and for disabled people to Tk 4 lakh from Tk 3 lakh in the next budget.
Currently, people do not have to pay tax for their income up to Tk 2.20 lakh. Taxpayers have to pay 10 per cent tax on successive amount of income up to Tk 3 lakh, 15 per cent on amount of income up to Tk 4 lakh, 20 per cent on successive amount of income up to Tk 3 lakh and 25 per cent on remaining income.
DCCI also urged for reducing corporate tax on listed companies to 20 per cent from the existing 27.5 per cent and increase the limit of annual turnover tax to Tk 1 crore from Tk 80 lakh and fix turnover tax rate at 2 per cent for small and medium enterprise.
DCCI president Mohammad Shahjahan Khan, vice-president Kh. Shahidul Islam and director Haider Ahmed Khan, among others, attended the meeting.
At the meeting, DCCI leaders demanded the NBR should formulate a budget that would create a business-friendly and industry-friendly environment in the country.
-With New Age input
