Women entrepreneurs gets tax relief
Women entrepreneurs may get a relief in taxes payment on their incomes from businesses in the approaching fiscal year, said the official of the finance ministry.
The threshold for gross annual turnover for minimum amount tax may rise to Tk 70 lakh for businesses run by female entrepreneurs in 2021-22, from Tk 50 lakh now.
"We don't have any split turnover tax charge for businesses run by women business owners. But we believe it is vital we give particular incentive to encourage them," the state said.
At present, there exists a separate tax-free tax threshold for women.
"So, we are considering the introduction of a separate ceiling of turnover for minimum amount tax," the official said.
Currently, the tax-totally free income ceiling for women taxpayers is Tk 350,000 annually, and the threshold may remain unchanged in the next fiscal year.
The approach comes amid growing interest among women to create businesses to tap the demand among the burgeoning middle-class in Bangladesh resulting from the economy's steady growth during the last three decades.
Furthermore, the National Panel of Revenue plans to encourage businesses to employ transgender people, often known as hijra, as a way to integrate the community into the mainstream economy and reduce discrimination.
As part of the plan, the federal government may give a 5 per cent rebate on corporate tax if a company employs 100 transgender persons.
The federal government officially recognised the community as gender in January 2014. Yet, the people of the segment aren't welcomed in the work sector.
The official expected that the tax incentive would inspire companies to employ transgender people.
Transgender people, however, get an allowance from the government's social cover schemes.
The federal government allocated Tk 46 crore to aid transgender, bede, and disadvantaged communities in today's fiscal year.
