The income tax exemption threshold for individuals will stay at Tk 250,000, while the ceiling for women and senior citizens will remain unchanged at Tk 300,000. “There should be a philosophy to determine the tax exemption threshold,” said Muhith in his budget address to parliament on Thursday. “Per capita income and the rate of inflation may be two important determinants in this case.”As the current tax exemption threshold is more than 200 percent of per capita GDP and the inflation rate is low, there is no need to change the general threshold at this time, Muhith said. The tax exemption threshold for parents and legal guardians of people with disabilities will also be raised by Tk 25,000. The minimum rate of tax for residents for taxpayers earning above the exemption threshold will also remain unchanged.

Source: bd News24 June 01, 2017 09:45 UTC