The wealthy people of the country will now have to pay more taxes as the government has proposed a hike in the surcharge on net wealth.
According to the finance bill 2014, no surcharge will be imposed on people having net wealth below Tk2crore.
People having net wealth over Tk2crore but less than Tk10crore will have to pay 10% surcharge on their payable taxes.
Wealthy people having net wealth in between Tk10crore to Tk20crore have to pay surcharge at 15% while it will be 20% for wealth between Tk20crore to Tk30crore.
People having net wealth over Tk30crore have to pay 25% tax, highest of its kind.
Earlier, at the financial year 2013-14, there were two slabs of surcharge on net wealth.
People are now paying 10% surcharge for having wealth between Tk2 crore to Tk10crore and if anyone holds more than Tk10crore, he/she has to pay 15% surcharge on his/her net wealth.
The surcharge was first imposed in the FY2011-12 and the revenue collection from the sector has increased over the financial years.