This booklet was prepared for the firm's technical seminar on 9 June 2024 and summarises the key income tax and VAT proposals in Bangladesh's Finance Bill 2024, before the Bill was passed. Income tax proposals are on pages 3 to 10 and VAT on pages 11 to 15.

Income tax: individual slabs start with the first Taka 350,000 tax-free and rise to 30% on the balance. Corporate rates are 20% for companies listing more than 10% of paid-up capital through IPO, 22.5% for other listed companies, 20% for one-person companies and 25% for non-listed companies, subject to bank transfer conditions. Capital gains tax becomes a flat 15% for companies, firms, trusts and funds, and individuals pay 15% or slab rate on gains from listed shares above Taka 5 million, which were previously exempt. The Bill proposes a flat 7% withholding on contract services, 7.5% on service income remitted from abroad, a monthly withholding return due by the 25th, a facility to declare undisclosed assets by paying tax, and cancellation of the tax holiday for physical infrastructure.

VAT: entities with turnover above BDT 10 crore become withholding entities, the deposit for VAT appeals falls from 20% to 10%, VAT on several services rises to 15%, and VAT on SIM cards increases to BDT 300. Exemptions are extended for optical fibre, mobile phone and computer manufacturing, and supplementary duty rises on ice cream, carbonated drinks and talk-time.