Finance Bill 2024 was passed on Saturday keeping the provision to legalise the undisclosed money at the rate of 15 percent.

Finance Minister Abul Hassan Mahmood Ali moved the bill and it was passed by voice vote.

The finance minister accepted some other 16 minor proposals on the finance bill in section 2 and 2-Ka and Schedule 3.

The other 11 amendment proposals were rejected by a voice vote.

The finance minister accepted an amendment that reduced the highest tax rate from 30 percent to 25 percent.

He proposed to increase the rate on June 6 while placing the budget in the Parliament.

As a result, the highest tax rate remained at 25 percent as before.

Tk 2,000 min tax for TIN holders won't be imposed; Finance Bill 2023 passed in parliament

As a result, the tax free ceiling will be Tk 350,000, for next Tk one lakh the tax is 5 percent, for the next Tk 4 lakh the tax rate is 10 percent, for the next Tk 5 lakh the tax rate is 15 percent, for next Tk 5 lakh the tax is 20 percent and for the rest amount of income the rate is 25 percent.

The opportunity to whiten black money remained for one year from July 1 to June 30, 2025 at the rate of 15 percent.

Apart from this, the companies themselves have the opportunity to legalise this undisclosed amount by paying 15 percent tax.

Finance bill 2022 passed with limits on proposal to whiten black money

As per the amendments Individuals have to pay surcharge for multiple vehicles, not companies.

Submission of return have been made mediatory for only city corporation community centre booking, Income from universal pension scheme will be tax free, Individuals, companies and trusts have to pay 15 percent gain tax.

The other amendments are Donation/gift to any member of the family is not taxed at source and Audit will be exempted, if return shows 15 percent income up compared to the previous year. 

Parliament passes Finance Bill, allows whitening of undisclosed money