Tax and Customs
Cash subsidy for exports surges. Only garment yields expected results
The government’s cash incentive against export receipts has soared over the years although many sectors could not make their mark in the global market, bringing in limited results for the government’s diversification initiative.
Power producers may lose zero-duty benefit
Power generation companies, including rental ones, may see an end to a zero-duty benefit on their import of machinery, equipment and spare parts from next fiscal year as the government moves towards generating more revenue curtailing the practice of handing out tax exemptions.
Bangladesh expands offshore banking in hunt for forex
Offshore banking is increasingly becoming a key window for banks in Bangladesh to facilitate investments and international trade by attracting deposits in foreign currencies.
Hike tax on cigarettes to boost revenue collection
The tax on cigarettes in Bangladesh should be raised in the national budget for fiscal 2024-25 to boost the country’s revenue generation and minimise health risks, according to experts.
Five ICT trade bodies demand tax exemption until 2031
Five associations representing the ICT sector yesterday demanded that the government extend tax exemptions on businesses offering software and IT-enabled service (ITES) till 2031, saying their development was crucial to the government’s vision for a Smart Bangladesh.
Metro rail commute to get costlier as NBR declines to extend VAT exemption
Metro rail commuters are expected to be required to pay 15% VAT on their ticket fares from July 1 as the National Board of Revenue (NBR) plans to discontinue the exemption.
Tax on provident funds' income: One country, dual policy
A provision in the Income Tax Act 2023 created the discrimination
Tk 600Cr Income Tax : SC asks HC to rehear Grameen Kalyan’s petitions
The Supreme Court yesterday asked its High Court Division to hold further hearing on two writ petitions that challenged the NBR orders asking Grameen Kalyan to pay around Tk 600 crore as income tax.
Businesses should reduce reliance on subsidies
The NBR chairman urged businesses in Rajshahi to reduce their reliance on subsidies as such a tendency contradicts the country’s aspiration to become a developed nation by 2041.
Pvt univs have to pay income tax
The Appellate Division of the Supreme Court yesterday scrapped a High Court verdict that declared illegal the government orders which imposed 15 percent income tax on private universities and private medical, dental and engineering colleges.
Govt to promote value-added products for post-LDC era
The government is considering further incentives while emphasising ICT and advanced technology in order to increase the production of value-added products as part of preparations for graduation from least developed country (LDC) status, Chairman of the National Board of Revenue (NBR) Abu Hena Md Rahmatul Muneem said yesterday.
Newspaper owners demand cut in customs duty, tax
The Newspaper Owners' Association of Bangladesh (Noab) places budget proposals to NBR
Int'l Customs Day celebrated in Cumilla
Customs, Excise and VAT Commissionerate of Cumilla celebrated “International Customs Day-2024” with the theme of “Customs engaging traditional and new partners with purpose" at Hotel Elite Palace in Cumilla’s Jhawtala on Friday.
CIID seizes export goods over fake documents
Customs Intelligence and Investigate Directorate (CIID) seized a consignment of export goods after a readymade garments company tried to send products of higher value than their declaration
Ensuring level-playing field for growth of mutual funds
The unequal taxation policy surrounding mutual funds in the capital market of Bangladesh raises concerns regarding the fairness for mutual fund investors. Specifically, the issue lies in the taxation of cash dividends from open-end funds, creating an imbalance between individual’s listed securities investments and mutual fund investments.
Automated taxation system will increase revenue collection: DCCI
DCCI president emphasises the need for automated taxation to increase revenue collection
Muneem reappointed as NBR chairman
His contractual appointment has been extended by two years
Revenue receipts tick up but fall short of target
The revenue collection growth rose slightly in the July-November period of the current financial year on the back of higher income and value-added taxes
