June 19, 2022
Tax reduction to discourage cash transactions
The 2.5 percentage points corporate tax rate cut will encourage firms in Bangladesh to move away from cash transactions, said Naser Ezaz Bijoy, president of the Foreign Investors’ Chamber of Commerce & Industry (FICCI).
June 19, 2022
New taxpayers: NBR relaxes rules on spot assessment
The National Board of Revenue (NBR) has broadened and relaxed the rules for bringing new taxpayers under the tax net by assessing their incomes on the spot.
June 17, 2022
NBR toughens rules to raise collection
From the next fiscal year, government agencies, implementing authorities of various publicly funded projects and corporate entities will come under greater scrutiny of taxmen as the National Board of Revenue has toughened rules to plug scope of avoidance regarding withholding tax deductions and payments.
June 15, 2022
Savers brace for hassles
Until the current fiscal year, a bank account-holder requires paying a 10 per cent withholding tax on the interest earnings on deposits if the individual furnishes banks with the taxpayer identification number (TIN).
June 14, 2022
VAT hike to increase production cost for steel makers
The production cost of steel makers in Bangladesh is going to increase as the revenue authority seeks to hike the value-added tax on rod and other steel products by up to 20 per cent, two leading producers said yesterday.
June 13, 2022
Govt cuts food budget
The government has cut its target on food distribution, which supports poor and low-income people, by 5 per cent to 30.95 lakh tonnes in the next fiscal year from the revised budget of 2021-22, finance ministry documents showed.
June 10, 2022
Tax measures: Relief for the rich, burden for others
Over the last couple of months, various sections of society called upon the government to raise the tax-free income limit amid the rising cost of living.
June 10, 2022
Services will need proof of income tax payment
People will require to submit the proof of submission of their income tax returns in order to get more than 40 types of services, including loans and trade licence, as the National Board of Revenue looks to raise more taxes.
June 9, 2022
Pay tax timely or lose utility connections
From the next fiscal year, the tax authority is going to introduce a provision of disconnecting utility services of taxpayers for their failure to pay undisputed revenue demand of the government.
June 9, 2022
Show proof of tax return to avoid interest penalty on deposits
In the proposed tax measures, the tax authority wants to impose 50 per cent tax on the interest earnings if the account holder fails to submit proof of submission of tax returns.