The recent VAT hike on clothing in Bangladesh strains businesses, consumers, and designers, especially with Eid approaching. Alternative measures like taxing luxury items or offering subsidies could have balanced revenue generation and economic sustainability more effectively.

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.

Prior to the rate cut, taxpayers had to pay 30 percent tax on the capital gains over Tk 50 lakh if the gains are realised in five years at any time of a year.

Dirty toilets, too much crowd, inadequate space, lack of privacy, and lack of water and soap in the toilets were cited as the top reasons for menstruating girls missing schools.

If someone receives a gift, they will have to show it in their income tax return at the end of the year. At the same time, the person who gives the present will also have to inform it in their income tax return.

Bank defaulters or tax evaders receive a number of amnesty and benefits for whitening black money.

The tax measures unveiled yesterday for 2024-25 are not going to provide any relief to taxpayers.

But companies must go cashless

Tk 5,000 for those under Dhaka, Chattogram city corporations

The National Board of Revenue (NBR) is likely to introduce self-assessment for companies from 2024-25 to allow them to determine their own tax liabilities and cut reliance on taxmen.

Mobile phone calls and metro rail commutes among other daily activities may cost more in the next fiscal year as the government looks to increase taxes to boost its revenue collections.

DCCI president emphasises the need for automated taxation to increase revenue collection

To overcome the economic crisis, no doubt, the country needs strong economic leadership, backed by strong political will.

The collection of nearly Tk 19,000 crore in direct taxes has been stuck at higher courts owing to cases filed by large corporates, some individuals and taxmen, according to the Large Taxpayers Unit (LTU) of the income tax department

Unlike public sector retirees, private sector employees do not get pensions

Companies and organisations will be required to file tax returns on the income generated by employee welfare funds from the current fiscal year and pay a 27.5 percent tax on the earnings. 

Bangladesh is losing $361 million worth of tax annually owing to the shifting of profits by multinational companies, especially into tax havens abroad, according to a report by the Tax Justice Network (TJN).

Although tax returns are a key document for investigating illegal wealth, the Income Tax Bill 2023 proposes making it impossible for Anti-Corruption Commission officials to access a suspect’s tax files without a court order.

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.

The National Board of Revenue today extended the deadline for income tax return submission till December 31.