ERF proposes individual tax-free bracket be raised to Tk 500,000 in next budget

Chairman of the National Board of Revenue (NBR) Abu Hena Md Rahmatul Muneem said that tax return submission increased by 21 per cent as people became aware of the need to pay tax.

Besides, reporters in both print and electronic media play an important role in making people aware of paying taxes.

The NBR chairman said this while speaking at a pre-budget discussion session with the members of the Economic Reporters’ Forum (ERF), held at the conference hall of the NBR Building in Agargaon, Dhaka. NBR members and senior tax officials were present at the event.

ERF Member Doulat Akter Mala presented a 35-point budget recommendation on behalf of the ERF to the NBR. President of ERF Mohammad Refayet Ullah Mirdha, among others, and ERF members Md Anisul Islam, Ibrahim Hossain Ovi, and Riyad Hossain attended the pre-budget discussion.

The ERF submitted 35 recommendations for the next budget, which include reducing tax on essential commodities and education items to 5.0 per cent, setting the VAT rate at 7.0 per cent, extending individual tax-free income limit to Tk 500,000 and introducing an asset tax system, among others.

In response, the NBR chairman said that the revenue board is working on skilled development and simplifying the taxation system, along with automation in all of the sectors.

He said online return submissions increased, and e-chalan and other online services are gaining popularity now.