Published:  07:53 PM, 29 June 2024

Finance Bill 2024 passed in parliament

Finance Bill 2024 passed in parliament

The Finance Bill 2024 was passed Saturday at Jatiya Sangsad with some minor changes alongside keeping the provision for legalizing the undisclosed money at a rate of 15 percent.

Finance Minister Abul Hassan Mahmood Ali moved the bill and it was passed by voice vote with Speaker Dr Shirin Sharmin Chaudhury in the chair. Ali accepted some 16 minor proposals on the finance bill in section 2 and 2-Ka and Schedule 3. The other 11 amendment proposals were rejected by voice vote.
Leader of the House and Prime Minister Sheikh Hasina and opposition leader GM Quader also spoke on the Finance Bill.
The finance minister accepted an amendment that reduced the highest tax rate from 30 percent to 25 percent. Earlier on June 6, Ali proposed to increase the rate while placing the Taka 7,97,000 crore budget for FY25 in the House.
As a result, the highest tax rate remained at 25 percent as before. As a result, the tax free income ceiling will be Taka 350,000, for next Taka one lakh the tax is 5 percent, for the next Taka 4 lakh the tax rate is 10 percent, for the next Taka 5 lakh the tax rate is 15 percent, for next Taka 5 lakh the tax is 20 percent and for the rest amount of income the rate is 25 percent.

The opportunity to whiten undisclosed money remained for one year from July 1, 2024 to June 30, 2025 at the rate of 15 percent. Besides, the companies themselves have the opportunity to legalise this undisclosed amount by paying 15 percent tax.
As per the amendments, individuals have to pay surcharge for multiple vehicles, but not by companies. Submission of returns have been made mandatory for only city corporation community centre booking while income from universal pension scheme will be tax free as well as individuals, companies and trusts have to pay 15 percent gain tax.
The other amendments are donations/gifts to any member of the family will not be taxed at source and audit will be exempted, if returns shows 15 percent income up compared to the previous year.

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