June 18, 2021

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Private colleges and universities have to pay taxes

Finance Minister AHM Mustafa Kamal is presenting the proposed budget for the fiscal year 2021-22. The finance minister started raising the budget in the parliament at 3 pm.

In the proposed budget, the finance minister has proposed to impose 15 percent tax on the income of private colleges and universities.

These institutions have been taxed since 2010. However, it was not recovered due to the case. Now that the case has been settled, the finance minister has proposed a new tax.

The budget proposal said, “The general tax rate applicable through notification has been reduced to 15 per cent of the income from private universities, private medical colleges, private dental colleges, private engineering colleges or private colleges engaged in education in information technology only.” In this great parliament, I am proposing to increase this tax rate to 15 percent through law.

Finance Minister AHM Mustafa Kamal is presenting the budget for the fiscal year 2021-22 in the parliament. At three o’clock in the afternoon, the Finance Minister is presenting the budget titled ‘Bangladesh on the path to a strong future by giving priority to livelihood’.

In this year’s budget, TIN has been made compulsory to buy savings certificates above Rs 2 lakh and open a postal savings account.

The budget has allocated a total of 3 lakh 6 thousand 356 crore in other sectors including management. 2 lakh 25 thousand 324 crore has been allocated for the annual development program.