The government has proposed a reduction in the rate of tax on business turnover for individual taxpayers for the upcoming fiscal year beginning in July this year.
"I propose to reduce the rate of business turnover tax for individual taxpayers to 0.25% from 0.50%," Finance Minister AHM Mustafa Kamal said while placing the budget proposal before the parliament for fiscal 2021-22.
He said the government is pledge-bound to ensure ease of doing business and a business-friendly environment.
In particular, the government is up and doing to bring down the tax burden of the individual taxpayers engaged in doing business, he told the parliament.
Currently, businesses pay tax at a rate of 0.50% for their sales worth more than Tk3 crore.