Knowing how income tax functions in your country, including Bangladesh, is essential to following the law and managing your finances efficiently. Income tax provides a significant contribution to the revenue of various governments worldwide. This blog post aims to provide insights into the income tax brackets in Bangladesh. Visit here to learn more about tax filing.
Individual taxpayers in Bangladesh are subject to a progressive tax rate structure. This means that if your income grows, you pay a higher percentage of the new income in taxes. The following brackets and rates result from a rise in the tax-free income threshold for male taxpayers from BDT 300,000 to BDT 350,000:
- up to BDT 350,000 – 0%
- over BDT 350,000 up to 450,000 – 5%
- over BDT 450,000 up to 750,000 – 10%
- over BDT 750,000 up to 1,150,000 – 15%
- over BDT 1,150,000 up to 1,650,000 – 20%
- over BDT 1,650,000 – 25%
- the tax-free income level for taxpayers who are female and over 65 was raised from BDT 350,000 to BDT 400,000.
Understanding Bangladesh’s income tax brackets is important for individuals as well as companies. You can ensure safety and make smart financial decisions by staying up to date on tax rules and regulations. It’s important to consult a tax professional like Shapla, an online tax filing portal if you have complicated financial problems or need help with tax planning. Shapla assists you in filing your taxes in a seamless way with safety and accuracy. Visit here to file your taxes with Shapla.