The Institute of Cost and Management Accountants of Bangladesh (ICMAB) in its budget reaction on Saturday said that implementation of the huge budget outlay of Tk6,78,000 crore for the FY2022-23 with a Tk2,45,000 deficit is challenging for the government after the Covid shock, not impossible.
Being a professional accountant body under the commerce ministry, the ICMAB wants to help the government implement this budget, ICMAB President Mamunur Rashid, FCMA told media at the Economic Reporter's Forum in the capital.
ICMAB proposed that the taxable income limit should be Tk4,00,000 for individuals and for women and people aged over 65 years, the amount should be Tk5,00,000.
Besides, they proposed to consider deduction of source tax on the advisory, consultancy professional and technical fee services as the final tax.
The ICMAB also proposed that the senior citizens whose income is limited, for example--- pension and savings certificates, should be waived from tax return.
ICMAB has suggested to increase the tax free conveyance amount to Tk60,000 from Tk30,000 as the travel expenses have increased a lot for all.
ICMAB also proposed that investment sectors should be increased by encouraging to receive tax rebate facility through investment and increase the DPS limit to Tk1,20,000 from Tk60,000 as everyone does not understand share market.