For easy and simple application of surcharge, the finance minister proposes five slabs in place of the existing seven

Finance Minister AHM Mustafa Kamal has proposed to withdraw the provision of paying surcharge on wealth when there is no taxable income.

The minister made the proposal while placing the budget for 2021-2022 fiscal year in the parliament on Thursday.

For easy and simple application of surcharge, Kamal proposed five slabs in place of the existing seven.

Besides, he also proposed to withdraw the provision of paying minimum surcharge.

“One of the major objectives of imposing direct taxes is to reduce economic inequality,” he said.

“This will make compliance with the provisions of surcharge easier, and will also decrease the tax burden of the middle class,” the minister added.

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