Income tax slab unchanged06 June 2014 bdnews24.com
Tax free income slab will stay the same at Tk 220,000 per annum in the upcoming budget.
If the budget is passed, only those with annual income beyond Tk 220,000 will pay income taxes.
Finance Minister AMA Muhith is presenting the 2013-14 budget in Parliament.
He has already announced that the revenue target will be increased.
The new budget projects revenues of Tk 1.82 trillion, which is almost 73 percent of the outlay.
Covering the gap between revenue and expenditure will surely be the major challenge for the present government in the coming fiscal.
The proposed budget for 2014-15 FY projects a huge deficit of Tk 67.552 billion, that is 5 percent of GDP and more than one-fourth of the total budgetary outlay.
But Muhith projected a 7.3 percent annual GDP growth as he started to place the budget for the next fiscal year.
The outlay for the new budget stands at Tk 2.50 trillion, up by 12 percent from the present Tk 2.22 trillion.
The finance minister had previously told bdnews24.com that the next budget, the first one of the Awami League's second consecutive term, would focus on fulfilling the 'unfulfilled pledges' of the ruling party.
The budget would address inflation and private investment, he had also said.
Having placed two budgets during the Ershad's military regime, this is the eighth time Muhith is presenting the national budget.