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15 June, 2019 10:23:39 AM

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No surcharge on wealth worth up to Tk 3cr

Special Correspondent, Dhaka
No surcharge on wealth worth up to Tk 3cr

Finance Minister AHM Mustafa Kamal Thursday proposed to raise the limit of surcharge to Tk. 3 crore in the budget of the fiscal year 2019-20.

He claimed that a large number of wealthy people show little income in their tax returns despite they possess huge amount of wealth.

“Consequently, they pay an insignificant amount of surcharge because their revealed little income. Considering all these facts, I propose an individual taxpayer having a net wealth of Tk. 50 crore or above shall pay higher of 0.1% of net wealth or 30% of his income tax payable as surcharge,” he said.

“Currently surcharge applies to taxpayers having net wealth above Tk. 2.25 crore. I propose to raise the limit of surcharge to Tk. 3 crore,” he added. The finance minister proposed a minimum surcharge amounting to Tk. 3,000 where net wealth of an individual exceeds Tk. 3 crore and a minimum surcharge Tk. 5,000 for individuals who have net wealth over Tk. 10 crore.

“In addition, 2.5 per cent surcharge on the profit of the business of the manufacturers of cigarette, bidi, zarda, gul and other tobacco products will remain unchanged,” he said.

At present, wealth tax law does not exist in Bangladesh. Instead of paying wealth tax, rich individual taxpayers in Bangladesh pay surcharge at certain rates based on their income tax. This provision of surcharge has been in force for the last few years.

BK

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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