The Finance Bill 2015 has been passed in the House with some changes in income tax, Value Added Tax and customs duties.
Finance Minister AMA Muhith Monday proposed the passage of the bill which included the implementation of government's financial proposals and amendments to several laws.
Earlier on June 4, the bill was tabled along with the proposed budget for the next fiscal 2015-16 which is set to come into effect from July 1.
The new finance bill will witness a total of 23 changes from the proposed one, including 5 proposed by the Prime Minister Sheikh Hasina.
The premier has proposed to reduce the source tax for all export oriented industries, including the readymade garment sector at 0.60% from the proposed 1% for the fiscal year 2015-16.
Currently, the clothing industry owners pay 0.30% tax at source, while the other export-oriented industries including jute products, frozen foods, leather goods and packed foods pay 0.60% tax.
Sheikh Hasina also requested the finance minister to reduce the proposed value-added tax (VAT) on private universities, medicals and engineering colleges to 7.5% from the proposed 10%.
The premier also urged the finance minister to allow all tax and duty exemption for import of raw materials for manufacturing of cancer medicine.
Pointing on the contribution of poultry and fisheries sector in fulfilling protein demands in the country, the prime minister requested to make Tk10lakh as tax free income, while she also urged to set 5% tax on income above Tk20lakh and 10% tax on income above Tk30lakh.
In the proposed budget, 15% duty was imposed on the poultry income tax, which was zero in the last budget. Income tax on poultry feed, which was 3% was also raised to 15% in the proposed budget.