The upcoming fiscal year's budget includes numerous tax exemptions. Alongside the expansion of the creative economy, entrepreneurs in various sectors are being granted tax and duty concessions. The budget will also focus on expanding the tax base by offering tax relaxations.
However, Finance Minister Amir Khasru Mahmud Chowdhury is also making tough decisions, such as imposing tax obligations on taxpayers and entrepreneurs or bringing them under the tax net. For instance, having a Tax Identification Number (TIN) will be mandatory to open a bank account, and retail sellers may face source tax when purchasing goods. This could increase the tax burden on ordinary taxpayers and small businesses. The finance minister is particularly focused on expanding the tax net this time.
To expand the creative economy, tax exemptions are being provided on music and various cinema-related items. There are also initiatives in the budget related to pharmaceuticals and medical supplies. The tax-free income limit is being increased in line with the promise made.