Wealth surcharge to go up

Rich people will have to pay more to the government exchequer after Finance Minister AMA Muhith hinted of an increase in surcharge on wealth next fiscal year.

“Some changes will be brought in the different slabs of surcharge by increasing the rate,” he told reporters at his secretariat office in Dhaka yesterday.

At present, a 10 percent surcharge is applicable on net wealth between Tk 2.25 crore and Tk 5 crore, and 15 percent on wealth between Tk 5 crore and Tk 10 crore.

For wealth between Tk 10 crore and Tk 15 crore, the surcharge is 20 percent, for Tk 15 crore and Tk 20 crore is 25 percent, and 30 percent on net wealth exceeding Tk 20 crore.

The middle-class though will get some relief as the individual tax-free ceiling will be raised slightly from existing Tk 2.5 lakh. But the threshold will be fixed permanently.

“Those who currently pay tax will not come under further pressure in the new budget,” Muhith said.

The corporate tax will be kept almost unchanged save for one sector, he said, without naming the sector and the direction of the change.

The interest rate on saving instruments will be cut as the current rate of over 11 percent is “absurd” in comparison to the market rate of 7 percent, the minister said.  Like every year the state banks will get allocation in the new budget for recapitalisation. “I will give more allocation to two or three banks that are performing well.”

The default loan rate has come down substantially but it is still quite high, he said, while blaming corruption by borrowers and management for the higher default loan. 

Muhith expects domestic investment to increase in the new fiscal year amid political stability. 


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