Dhaka, Sept. 1 -- Businesses and companies with annual turnover of up to Tk 2 crore will no longer have to pay turnover tax, offering relief to small businesses.

The National Board of Revenue (NBR) issued a notification on Tuesday, introducing the exemption and revising the turnover tax structure for businesses and companies, officials said.

Under the revised provision, businesses and companies with annual turnover exceeding Tk 2 crore but up to Tk 4 crore will pay turnover tax at 0.5 percent of their annual turnover.

Those with turnover above Tk 4 crore will continue to pay a minimum turnover tax at the rate of 1 percent.

The 1 percent turnover tax had previously been applicable to most businesses and companies, with some exceptions....