DHAKA: In his budget speech in the parliament, Finance Minister AMA Muhith proposed to keep tax free income slab the same at Tk 220,000 per annum while he also proposed doubling the tax rate on high earners. 

The minister said the proposal of keeping tax ceiling unchanged was made considering the issues of prevailing inflation and increasing living expenses.

With a view to ensuring equitable distribution of resources and to reducing economic disparity, tax rate would go up for those with annual income over Tk 4.42 million from the existing 15 percent to 30 percent, he added.

The government Thursday proposed a Tk 250,506 crore budget for 2014-15, fixing the target of attaining a higher GDP growth of 7.3 percent in the financial year.

BDST: 1752 HRS, JUN 05, 2014