2014-15 fiscal year budget in Bangladesh

By   May 19, 2014

5th June 2014 to be announced 43rd budget and 15rd budget of Awami League Government in Bangladesh. Finance Minister Abul Maal Abdul Muhit will be announced annual budget the fiscal year is 2014-2015 on National Assembly (Jatyio Sangsad).  Budget-2014-15

The budget for the next fiscal years taxes and charges taxes (VAT) more than the tax sector is changing. Entrepreneurship claim tax rate changes, Middle classes people’s give some relief to banks to raise revenue through tax increases and rent paid bring some big changes in the new budget.

Declaration of income, you will have the advantage in the upcoming budget stuff. One thousands 662 goods in the customs duty on the supplement is withdrawn. The budget is declared on June 5 at 2014-15. The budget of the National Board of Revenue (NBR) one lakh 49 thousand crore taka revenue target may be given.

Details Budget published here

Former finance adviser to the caretaker government AB Mirza Azizul Islam said “according to my own calculations, next year should focus on taxes and revenue of 1 million 43 thousands taka. However corporate restricted tax rates, tax income limits increased if tax is not possible to achieve this goal and can be. Ken of taxes should be raised by increasing the tax rate.

National Board of Revenue ( NBR ) is responsible sources , non – public traded companies corporate tax rate is 35 per cent of cases. Some 37 percent of these taxes is currently give of companies. In the case of publicly trade companies ( listed company share ) tax rate is 25 percent of a half percent. However, if 35 percent of a company to pay dividends will be less than 10 percent. 22 percent of the profits will be given to the company gives Twenty percent to half.

However, the tax rate will remain unchanged in the other companies. Considering the rate at which new corporates to Mobile Phone Operator company 40 percent to 45 percent, and the SEC, Banks, Insurance, Financial institutions around 42 percent; Merchant Bank at 37 percent; Non – Publicly traded company 35 per cent and 25 per cent rate of tax will publicly traded company.

On the others side Garments sector to be given tax paid huge discounts will continue next fiscal year. For companies in the apparel industry to source 30 percent of the decimal has been reduced from 80 per cent. Levy the tax at source at the rate of 30 per cent of the decimal are considered. 10 percent of the company’s year eases levy source is assumed to be paid.

The corporate tax 97 percent come National Board of Revenue ( NBR ) Large Taxpayers Unit. Next fiscal year revenue target is set and the amount of 18 thousands crore taka. 15 thousand 175 crore taka in the current fiscal year is the target. Terms of mobile operators, banks, insurance , financial institutions, nearly 80 per cent of the revenue comes from . These companies will not change the tax rate. Restricted so as a result of the new tax rates corporate two cases do not seem to be too NBR revenue loss.

Increasing the tax free limit:
The next fiscal efficiency people’s of classes taxpayer’s tax limit. However, income levels and tax rates remain unchanged. Next fiscal year, up from two million 40 thousand taka may be paid out of tax. Taxpayer and tax-free limits for women and 65 years of age and two lakh 75 thousand taka and estimated three lakhs to promote limits may be impaired.

The minimum tax limits the tax payers money of two million 20 thousands. Women and senior citizens, the limit of the two lakh 50 thousand rupees.

Bank as rent:
The next fiscal basis leading to a decision, the landlord surveillance efficiency. Rent through bank transactions will take protect tax home owners. After years of tax returns or return to see in dealing with the officials of the account. Because of the Income Tax Act ( 3 ) of the Act, any taxpayer money from the rent, if that is not reasonable, however, the area equivalent to the amount of rent based on the value of the rent paid by the taxpayer to determine the income.

This process can be brought to the monitor without the tenant’s income NBR officials say. Revenue from the tax at source on rent, but it is now considering moving away from wells, sources said. Tax deducted at source at the time of rental to be quite a complicated process that can not walk in the way of NBR. TIN to the landlord taxes is mandatory. Except in the capital and other large cities, the new holdings number, individual level ( not commercial ) gas, power and other services may be required to remain in the TIN.

Survey of Dhaka and Chittagong TIN is 1 million 62 thousands revenue that the landlord has discovered. NBR has started a letter to the landlord TIN. The landlord come in under tax to have a special announcement in the next budget.

Supplementary income unrepresented next year to legalize illegal or black money new barring any special amenities. Buy a flat in the year to June 30 was given an opportunity to question without black money white, not expect expiration.

However, the budget of 2012 -13 of the Income Tax Ordinance, an amalgamation of 19 valid visited last opportunity to declare the income was paid. According to this section, deferred taxes are to pay 10 per cent extra fine. Although neither of the last two fiscal advantage of this stuff has been known to have not declared income.

Mirza Azizul Islam refers to validated Fixed Income Advantage unrepresented said, “This opportunity is likely to be misused. Drastic action to prevent the misuse of opportunity. No one really had a legitimate income, whether – and should be investigated. ”

Other offers:
The new budget could be brought plastic industries tax holiday facility. With the tax increase fish business. There are 3 percent tax on income from the fisheries sector. It may be 5 or 7 percent. During the last national election, candidates take advantage of lower tax rates showed huge returns from the fisheries sector. In addition to the budget for the refund to be declared in a separate fund.

Dhaka and its surrounding districts, especially the kind of environment, NRB decided policy. As well as the district’s capital Dhaka inside of Gazipur, Narayanganj new industries as well as the existing tax rates could be further taxes. If any owner of the factory took away from these places, you will get tax rebate facility. However, tax rates are not finalized yet.

1162 supplementary duty on the product:
Car, made ​​dress, ceramics products, sanitary products, refrigerators, air-conditioning equipment and others technical goods one of up to 60 percent from 36 to 0 on two product contains supplementary duty. Next fiscal year, 162 of the supplementary duty on the products being withdrawn. Supplementary duty on 170 goods have left. According to NBR, the supplementary duty on all products except apparel and vehicles may be withdrawn.

Passenger baggage rules are making changes in gold also raised taxes. Decimal 66 to 11 grams ( one- Loaded ) sbarnapindera weight being put on duty , three thousand 300 rupees . This tax money is now just 150 . However, up to 00 grams of gold is not to bring any charges.

Accession to the value of the next budget is enacted. So next year will not change too much mu sake. However, at the local level ( supply and production ) of the VAT on some goods may be new.

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