Honorable Minister Mr Abul Maal Abdul Muhit, Ministry of Finance, Government of the People’s Republic of Bangladesh presented the budget for the fiscal year 2013-14 on 06 June 2013.
In this post, I only showed Income tax slab for individual taxpayers and rates applicable for all taxpayers for 2013-14.
Individual Tax Rates and Income Slabs:
On 1st Tk. 2,20,000 of taxable income Tax Rate: Nil
On next Tk. 3,00,000 of taxable income Tax Rate: 10%
On next Tk. 4,00,000 of taxable income Tax Rates:15%
On next Tk. 3,00,000 of taxable income Tax Rates: 20%
On the balance of taxable income Tax Rates: 25%
Women’s and Senior Citizens taxpayers aged over 65 years minimum tax slab Tk. 2,50,000.- and Physically challenged taxpayers minimum slab Tk. 3,00,000.-
Minimum Tax for Individual Taxpayers Based on Location:
City Corporation Area Tk. 3,000.-
Paurashava at District Town Tk. 2,000.-
Upazillas Tk. 1,000.-
Tax Rebate on Investment for Individual:
Investment Ceiling in Taka 1.50 Crore
Investment Ceiling as percentage of total income -30%
Percentage of Tax Rebate -15%
Income Tax for Salaried Individual:
Income Tax Return -2 pages
Adjustment of Tax Payable on Salary Income -Adjustable
with other tax
(Deducted/Collected at Source)
Tax -exempted House Rent allowance for Tk. 240,000.-
Salaried Taxpayers
Tax -exempted Conveyance Allowance Tk. 30,000.-
Tax Rate for Company:
Publicly Traded Company Rate 27.50%(Subject to Certain Conditions)
Non-Publicly Traded Company Rate 37.50%
Bank, Insurance and Financial Institution Rate 42.50%
(Other than Merchant Bank)
Merchant Bank Rate 37.50%
Publicly Traded Cigarette Mfc. Co. Rate 40.00%
Non Publicly Traded Cigarette Mfc. Co. Rate 45.00%
Publicly Traded Mobile Phone Co. Rate 40.00%
Non Publicly Traded Mobile Phone Co. Rate 45.00%
Dividend Income Rate 20.00%
Proposal of Capital Market:
Tax deductible at source on the premium over face value – Nil
of share of a Company.
Tax deductible at source on bond sale – Nil
Tax rebate on the investment in Private Mutual fund – 15%
Tax exempted dividend income threshold – 10,000.-
For more information see full budget speech 2013-14: BUDGET 2013-14
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