Tax and Customs
e-filing of tax returns crosses 50,000 in less than a month
The NBR relaunched the e-filing portal on Sep 9
NBR forms taskforce to reform income tax law
Tax Commissioner Ikhtiar Uddin is heading the seven-member task force
Onion imports resume thru Hili land port
Onion imports through Hili land port in Dinajpur resumed on Tuesday after being halted for four days due to a software glitch in Indian customs..The Indian customs had implemented an updated tariff regime at 4:45pm that day, reducing the export duty on onions from 40 percent to 20 percent.
Revenue target for FY25 to be left unchanged
The interim government will not bring down the revenue collection target for the current fiscal year as it aims to mobilise more domestic resources to reduce reliance on foreign loans, according to Finance and Commerce Adviser Salehuddin Ahmed.
Abdur Rahman Khan made new NBR chairman
The government today appointed Abdur Rahman Khan as the chairman of the National Board of Revenue (NBR) by cancelling the contractual appointment of Abu Hena Md Rahmatul Muneem
VAT claims against S Alam firms: Govt submits replies to HC rules
The government today submitted before the High Court replies to the rules which questioned the legality of its demand for unpaid VAT and the consequent fines of over Tk 7,000 crore from S Alam Vegetable Oil Ltd and S Alam Super Edible Oil Ltd
HC questions govt demands of unpaid VAT from S Alam companies
The High Court today questioned the legality of government's demand for unpaid VAT and the consequent fines of over Tk 7,000 crore from S Alam Vegetable Oil Ltd and S Alam Super Edible Oil Ltd
Container of cigarettes seized in Ctg
Chattogram Custom House and Customs Intelligence seized a container of cigarettes on Thursday midnight, which was imported under false declaration
Achieving $110b export target by FY27 is difficult
The government’s target of earning $110 billion from exports by the fiscal year of 2026-27 would be difficult to attain because of the persisting challenges in the global and local economies, economists and businesspeople said.
Online tax returns can bring $32b extra revenues annually: CPD
Bangladesh can raise an additional $32.6 billion in revenues annually within the next four years if the electronic filing of tax returns can be ensured, said the Centre for Policy Dialogue (CPD) yesterday.
Govt brings down ADP for a lack of fund
The government is currently faced with a lack of funds, evidenced by a reduction in allocations it provided from the exchequer for the upcoming Annual Development Programme (ADP), said Fahmida Khatun, executive director of the Centre for Policy Dialogue.
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