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Bangladeshi FM Outlines 2015-16 Budget

by Mary Swire, Tax-News.com, Hong Kong

08 June 2015


Bangladesh's Minister of Finance, Abul Maal Abdul Muhith, delivered the 2015-16 Budget Speech on June 4, 2015, outlining a number of new tax measures.

Among the proposals contained in the Budget is a decrease in the corporate tax rate from 42.5 percent to 40 percent for publicly traded banks, insurers, and financial institutions alongside a decrease in the rate for publicly traded companies from 27.5 percent to 25 percent. These measures are intended to attract greater investment into the country's capital market.

Another proposal contained in the Budget is an increase in the tax-exempt threshold for individual taxpayers from BDT220,000 (USD2,828) to BDT250,000. It proposes further increases in the tax-exempt threshold for women and senior citizens, disabled people, and injured veterans.

The Government has confirmed plans to introduce a new VAT regime from July 1, 2016, Muhith said. The regime will feature a single rate of 15 percent with exemptions for basic goods and services for lower income taxpayers.

The Government is in the final stages of developing the Value Added Tax and Supplementary Duty Rules, 2015, which would flesh out the nation's plans for how the new regime will function. The Government is expected to agree on a list of exempt items in August and it is considering raising the VAT exempt threshold to BDT3m from the currently proposed level of BDT2.4m.

TAGS: Finance | tax | investment | economics | value added tax (VAT) | fiscal policy | budget | corporation tax | tax rates | Bangladesh | import duty | tax reform | trade | individual income tax | services | Tax

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