Outward remittances from Bangladesh through legal channels crossed the $100-million mark for the first time in 2021 as more foreigners are working in the fast-growing economy, data from a global organisation showed.
Bank accounts with upwards of Tk 1 crore in balance are set to face a higher excise duty next fiscal year as the government looks to collect more taxes from the relatively well-off to get close to the lofty revenue collection target.
The National Board of Revenue should accelerate the use of electronic fiscal devices (EFDs) and ramp up monitoring to eliminate non-compliance with a view to raising more value-added taxes using technologies, said former top taxmen and economists.
Although the corporate tax levied on listed firms is lower than that of their non-listed counterparts, many companies in Bangladesh lack interest in joining the stock market as they want to avoid the obligation of ensuring good corporate governance, regularly disclosing financial information and complying with other rules.
It is befuddling why the National Board of Revenue (NBR) has decided to slap value added taxes that would amount to a 27 percent levy, on the import of solar panels. This is at a time when Bangladesh is set to explore and develop its solar power possibilities through numerous projects. These include solar home systems, solar irrigation and solar power plants in various parts of the country.