MCCI seeks higher tax-free income ceiling

FT ONLINE

The Metropolitan Chamber of Commerce and Industry (MCCI) has demanded increasing the tax-free income ceiling for individual taxpayers to Tk 0.45 million (4,50,000) for the upcoming fiscal year from existing Tk 0.25 million.

The trade body also proposed to cut the maximum tax rate for individuals to 25 per cent from 30 per cent.

The chamber leaders placed their proposals at a pre-budget meeting with the National Board of Revenue on Sunday.

MCCI also urged the NBR not to make employers liable for submission of their employees' tax returns. It demanded to withdraw the provision of penalty of an employer for non-submission of income tax returns by an employee.