Protests by tax, customs officials disrupting services
The crisis at the National Board of Revenue is deepening as disgruntled employees have launched a fresh five-day protest, demanding the chairman’s removal and the repeal of a new ordinance that splits the tax authority. The protest threatens to disrupt tax collection, delay trade and further strain the country’s revenue targets.
Govt must straighten out the kinks to ensure smooth transition
Touted as a historic overhaul, the move has ignited debate over whether it will drive meaningful reform or merely deepen the layers of bureaucracy, given the NBR's persistent failure to meet its targets.
The tax administrator organises a pre-budget discussion
NBR permission is setting a bad example, destabilising the housing market
Finance Adviser Salehuddin Ahmed yesterday said that increasing the efficiency of the National Board of Revenue (NBR) is essential for the growth of trade and commerce in the country.
Strengthening the security of state institutions is urgent
Stocks soared yesterday as investors cheered the substantial cut in capital gains tax by the National Board of Revenue (NBR) to encourage big local and foreign investors.
Bolstered by rising value-added tax (VAT) collection and increased income tax receipts, the tax administrator logged Tk 259,866 crore in total revenue in the July-March period of the current fiscal year, according to the NBR’s provisional estimates.
Earlier, there was a provision for the service providers to be appointed by a committee appointed by the board, said Rahman. Now the company which can provide this service at a low cost will be given the job, he explained.
The use of the document verification system (DVS) has increased in Bangladesh in the last couple of years, plugging the scope for unruly firms to submit forged audit reports. The number of audit reports signed by accountants by securing codes from the DVS rose by nearly 2 percent year-on-year to 38,316 in 2021-22 compared to a year prior, data from the Institute of Chartered Accountants of Bangladesh (ICAB) showed.
A tax policy mission of the International Monetary Fund (IMF) yesterday began to work with the National Board of Revenue (NBR) to train taxmen to assess tax expenditures so that the government can eliminate less effective tax exemptions, broaden the tax base and increase revenue collection.
BFIU must be empowered to do more to prevent money laundering
It wants the deadline to be extended until April 30
This time around, Mahfuz Ahmed, Farida Akhtar Babita, and Siam Ahmed (in this order) topped the list of highest taxpayers for the tax year of 2022-23, under the actors' category, as per the National Board of Revenue (NBR).
There is not much in it to make us feel better in terms of its focus and measures.
Senior Commerce Secretary Tapan Kanti Ghosh says
It will not reduce capital flight, only encourage the corrupt
