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The document provides an overview of Bangladesh's tax system. It notes that the Income Tax Ordinance of 1984 is the basic tax law, and income tax applies to both personal and business income. VAT is imposed at 15% on goods and services at various stages of production and distribution. The National Board of Revenue is responsible for tax administration and policy formulation. The major sources of tax revenue are income tax, customs duties, VAT, and excise duties, while major non-tax revenues include interest, economic services, and agriculture. Challenges of the tax system include a low level of revenue collection, regressive taxes, tax evasion, and limited administrative capacity.
The document provides an overview of Bangladesh's tax system. It notes that the Income Tax Ordinance of 1984 is the basic tax law, and income tax applies to both personal and business income. VAT is imposed at 15% on goods and services at various stages of production and distribution. The National Board of Revenue is responsible for tax administration and policy formulation. The major sources of tax revenue are income tax, customs duties, VAT, and excise duties, while major non-tax revenues include interest, economic services, and agriculture. Challenges of the tax system include a low level of revenue collection, regressive taxes, tax evasion, and limited administrative capacity.
The document provides an overview of Bangladesh's tax system. It notes that the Income Tax Ordinance of 1984 is the basic tax law, and income tax applies to both personal and business income. VAT is imposed at 15% on goods and services at various stages of production and distribution. The National Board of Revenue is responsible for tax administration and policy formulation. The major sources of tax revenue are income tax, customs duties, VAT, and excise duties, while major non-tax revenues include interest, economic services, and agriculture. Challenges of the tax system include a low level of revenue collection, regressive taxes, tax evasion, and limited administrative capacity.
to our presentation Tax system of the Peoples’ Republic of Bangladesh OVERVIEW OF TAX SYSTEM IN BANGLADESH
Income Tax Ordinance (1984) is used as a basic act in Bangladesh.
Business tax and personal income tax is identified as income tax. The tax is paid based on Income Tax Rules (1984), which stipulates the implication rules and actual declaration procedures, and SROs from National Board of Revenue. Tax rate and tax regulation is revised every year and presented by Finance Acts/Ordinances. In Bangladesh, the principal taxes are Customs Duties , Value-Added-Tax (VAT), and personal income taxes and corporate income taxes.
The history of income tax in this country dates
back to 1860 when it was introduced in this country by the British rulers under the title Income Tax Act, 1860. Since then various changes have taken place. VALUE ADDED TAX
The main features of VAT in Bangladesh are:
VAT is imposed on goods and services at import stage, manufacturing, wholesale and retails levels A uniform VAT rate of 15 percent is applicable for both goods and services; 15 percent VAT is applicable for all business or industrial units with an annual turnover of Taka 2 million and above VAT is applicable to all domestic products and services with some exemptions VAT is payable at the time of supply of goods and services Tax paid on inputs is creditable/adjustable against output tax Export is exempt Tax returns are to be submitted on monthly or quarterly or half yearly basis as notified by the government Supplementary Duty (SD) is imposed at local and import stage under the VAT Act, 1991.Existing statutory SD rates are as follows: A. On goods: 20%, 35%, 65%, 100%, 250% 350% & 850% B. On services: 10%, 15% & 35%. The National Board of Revenue (NBR) is the central authority for tax administration in Bangladesh. Administratively, it is under the Internal Resources Division (IRD) of the Ministry of Finance (MoF). MoF has 4 Divisions, namely, the Finance Division, the Internal Resources Division (IRD), the Banking Division and the Economic Relations Division (ERD). Each division is headed by a Secretary to the Government. Secretary, IRD is the ex-office Chairman of NBR. NBR is responsible for formulation and continuous re-appraisal of tax-policies and tax-laws in Bangladesh. Major heads of tax-revenues of Bangladesh are as follows:
A. Taxes on Income and Profit
1. Income tax-Companies 2. Income tax-Other than Companies
C. Taxes on goods and services
1.Customs Duties 2.Excise Duties 3.Value Added Tax (VAT) 4.Supplementary Duty (On luxury items and in addition to VAT) 5.Taxes on Vehicles 6.Electricity Duties 7.Other Taxes and Duties (travel tax, turn over tax, etc.) Major heads of non-tax revenues are as follows:
D. Interest, Dividend and Profit
G. Economic Services H. Agriculture and Allied Services I. Transport and Communication J. Other non-tax revenue K. Capital Revenue Low Level of Revenue Mobilization Regressive Nature of Taxation (especially VAT) High Tax Incidence Low Tax Base High Degree of Tax Evasion Limited Administrative Capacity Resource Constraints (Human and Logistics)