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Finance minister proposes raising tax-free income exemption limit

42NBR’s annual Income Tax fair, a move to encourage citizens to pay taxes
NBR’s annual Income Tax fair, a move to encourage citizens to pay taxes

The tax-free income limit for individuals has been proposed to be raised to Tk 250,000 a year.

Finance Minister AMA Muhith proposed the change for income tax while presenting the national budget for 2015-16 fiscal in Parliament on Thursday.

The tax-free income exemption limit is currently at Tk 220,000 a year.

The budget also proposes to lift the tax-free slab to Tk 275,000 for women taxpayers, senior citizens to Tk 300,000.

Muhith also proposed to raise the ceiling for people with disability to Tk 375,000 from 350,000 and for freedom fighters, to Tk 425,000 from 400,000.