Women-led SMEs to get tax cut for up to Tk 70 lakh annual turnover

The government will provide special incentives to women entrepreneurs in the SME sector from the next budget amid the economic fallout of the Covid-19 pandemic.

As per the proposed budget, women entrepreneurs in the SME sector will enjoy tax exemptions on their annual turnover of up to Tk 70 lakh.

"For the sake of development of women entrepreneurs working in the SME sector, I propose to keep up to Taka 70 lakh of business turnover outside the purview of taxation," said Finance Minister AHM Mustafa Kamal.

The minister was placing the proposed budget for the 2021-22 fiscal year at the parliament today.

Economic empowerment of women is of paramount importance in achieving socio-economic progress and sustainable development of a country, he said in his budget speech.

The rise in the number of women entrepreneurs, alongside their male counterparts, will ensure the economic and social empowerment of women, said the finance minister, adding that both women entrepreneurs and the SME sector will benefit from this tax cut.