CPD proposes tax-free income limit at Tk 3.50 lakh

To lessen the shock of inflationary pressures on the average person, the Centre for Policy Dialogue (CPD) has suggested increasing the tax-free income limit for individual taxpayers by 50,000 Taka to 3.50 lakh Taka.

The civic society think tank also suggested giving lower-level employees at both public and private institutions a “special increment.”

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This was stated by CPD’s executive director, Dr. Fahmida Khatun, as she presented the organization’s budget proposals for FY24 at its office in the capital’s Dhanmondi district.

Dr. Fahmida claimed that as a result of rising prices for necessities, particularly food items, the average person’s purchasing power has decreased, which is why the think tank has suggested increasing the threshold for tax-free income for individual taxpayers to Taka 3.50 lakh.

Additionally, she advocated for furthering Open Market Sale (OMS) operations for those in the low-income category.

Speaking on the occasion, research director of CPD Dr Khandker Golam Moazzem said that there is a need to introduce ‘special increment’ for the lower-tier staffs in various government and private institutions in the wake of high inflation especially food inflation. “The low income people needs increment and it can be ensured ahead of the Holy Eid Ul Fitr,” he said.

Dr. Fahmida Khatun noted that because required reforms have not yet been implemented, the government has not yet collected the desired amount of tax revenue.

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