Dhaka: The government has raised the tax free limit of the wealth tax, also known as wealth surcharge at Tk 2.25 crore from the existing Tk 2 crore for the coming FY 2015-16.

Finance minister AMA Muhith has proposed the changes at the parliament.

According to the Income Tax Ordinance 1984, surcharge or wealth tax is applicable on having net asset worth above Tk 2 crore to up to Tk 10 crore at 10%, while 15% surcharge for net assets up to Tk 20 crore, 20% for up to Tk 30 crore while 25% for above Tk 30 crore.

The NBR imposes the tax based on the net assets that taxpayers’ declares in their income tax returns.

According to NBR data, only 10,152 people having net assets above Tk 2 crore paid Tk 208 crore as wealth surcharge in fiscal year 2013-14.