Govt proposes to keep tax exemption for women-owned SMEs

The government has proposed to exempt the small and medium enterprises (SMEs) owned by women entrepreneurs from turnover tax in the 2022-23 fiscal year again.

However, the exemption will be applicable to only those enterprises that generate Tk70,00,000 or less in turnover as before, Finance Minister AHM Mustafa Kamal said during the budget speech on Thursday (9 June). 

The move came as part of reviewing commitments made in the outgoing FY2021-22 budget and their implementation progress. 

"Annual turnover of up to Tk70 lakh of any business firm in the SME sector owned by a female entrepreneur has been made tax-free," said the minister. 

Finance Minister AHM Mustafa Kamal has placed Tk6.78 lakh crore national budget for FY23 at Jatiya Sangsad according top priority to safeguarding marginal people from inflation fuelled by the Russia-Ukraine conflict.

This is the fourth budget of the third consecutive term of the government led by Prime Minister Sheikh Hasina and also the overall 51st budget of the country.

The proposed budget is Tk74,383 crore higher than the original budget size of the FY2021-22 fiscal year, which was Tk6,03,681 crore.