PM Calls for scrapping mandatory tin for banking, property services

Prime Minister Tarique Rahman has proposed removing the requirement for a Taxpayer Identification Number (TIN) when opening bank accounts or registering property, arguing that the measure would make financial and property-related services more accessible.

Speaking during the parliamentary debate on the proposed national budget for the 2026-27 financial year on Monday, the prime minister also called for the withdrawal of a provision that would allow the legalisation of undisclosed income through tax payments.

He said the proposed budget should focus on promoting transparency and easing the tax burden on ordinary citizens rather than providing opportunities to legitimise undeclared wealth.

The prime minister also recommended increasing the tax-free income threshold beyond the levels outlined in the proposed budget.

Under the budget proposal, the tax-free income limit would remain at Tk375,000 for the 2026-27 and 2027-28 tax years before rising to Tk400,000 for the 2028-29 and 2029-30 tax years and Tk450,000 for the 2030-31 tax year.

However, Tarique Rahman suggested raising the threshold to Tk400,000 for the 2026-27 and 2027-28 tax years, Tk450,000 for the following two tax years, and Tk500,000 from the 2030-31 tax year.

He said the higher exemption limits would provide greater financial relief to individual taxpayers while helping people cope with the rising cost of living.

In addition to personal income tax reforms, the prime minister proposed reducing the tax rate imposed on private universities and extending tax exemptions for members of small ethnic communities.

He also recommended lowering customs duties and taxes on shrimp exports, productive industries and imported raw materials used by domestic manufacturers, saying such measures could strengthen industrial growth and improve the country’s export competitiveness.

The proposals were presented as parliament continued discussions on the government’s FY2026-27 budget, with lawmakers reviewing tax measures aimed at supporting economic activity while maintaining public revenue.