The government proposed increasing the source tax on export proceeds to 1 per cent from the existing 0.5 per cent in the next fiscal year. The finance minister today also proposed raising the source tax on bank interest for company taxpayers to 20 per cent from the previous year's 10 per cent.
FY 2022-23 Budget: Tech giants such as Google or Meta (Facebook) will have to submit income tax returns from next fiscal year. Finance Minister AHM Kamal proposed it in his budget speech today.
FY 2022-23 Budget: The allocation for the education sectors in the proposed budget for the upcoming fiscal year of 2022-23 has reduced in terms of the Gross Domestic Product (GDP).
The government is set to withdraw a 5 per cent advance tax on the import of gold in the fiscal year of 2022-23 to encourage the import of the precious metal through formal channels and discourage smuggling.
The government has set a 5.6 per cent inflation target in the proposed budget for the 2022-23 fiscal year although the prices of essentials and other commodities are persisting at higher levels.