Finance Bill 2024 passed in parliament

Finance Bill 2024 was passed in parliament on Saturday keeping the provision to legalise the undisclosed money at the rate of 15 per cent.

Finance minister Abul Hassan Mahmood Ali moved the bill and it was passed by voice vote.

The finance minister accepted some other 16 minor proposals on the finance bill in section 2 and 2-Ka and Schedule 3.

The other 11 amendment proposals were rejected by a voice vote.

The finance minister accepted an amendment that reduced the highest tax rate from 30 per cent to 25 per cent.

He proposed to increase the rate on 6 June while placing the budget in the parliament.

As a result, the highest tax rate remained at 25 per cent as before.

As a result, the tax free ceiling will be Tk 350,000, for next Tk 100,000 the tax is 5 per cent, for the next Tk 400,000 the tax rate is 10 per cent, for the next Tk 500,000 the tax rate is 15 per cent, for next Tk 500,000 the tax is 20 per cent and for the rest amount of income the rate is 25 per cent.

The opportunity to whiten black money remained for one year from 1 July to 30 June, 2025 at the rate of 15 per cent.

Apart from this, the companies themselves have the opportunity to legalise this undisclosed amount by paying 15 per cent tax.

As per the amendments individuals have to pay surcharge for multiple vehicles, not companies.

Submission of return have been made mediatory for only city corporation community centre booking, income from universal pension scheme will be tax free, Individuals, companies and trusts have to pay 15 per cent gain tax.

The other amendments are donation/gift to any member of the family is not taxed at source and audit will be exempted, if return shows 15 per cent income up compared to the previous year.