Source tax on export proceeds to 1%

The government proposed increasing the source tax on export proceeds to 1 per cent from the existing 0.5 per cent in the next fiscal year.

Finance minister AHM Mustafa Kamal revealed this in his budget speech in the parliament on Thursday.

He also proposed raising the source tax on bank interest for company taxpayers to 20 per cent from the previous year's 10 per cent.

Collection of source tax on export proceeds has become one the major sources of revenue for the government.