Tax

Most of the large taxpayers are apprehending a sharp slide or poor growth in their sale and probable payment of consumption tax in the current fiscal year (FY), 2020-21. They have apprised the Large Taxpayers Unit (LTU) under the National Board of Revenue's (NBR) VAT Wing of...

The Financial Reporting Council (FRC) has moved to crack down on irregularities involving the misuse of employees’ provident funds as companies were found forfeiting money from the employees who were leaving and misusing the funds for the companies’ own interest. The FRC has ruled that the companies...

The government has chalked out a series of programmes to enter a new era of taxation from FY 2020-21 in the run-up to achieving Vision 2041 and reaching the Sustainable Development Goals 2030. "We must gear up revenue mobilisation and streamline the financial sector of the country," a senior official at...

Bangladesh expects a bigger inflow of foreign direct investment in the days to come as different nations plan to relocate their factories to countries like Bangladesh to bring down cost amid a cash crunch caused by the pandemic, said Commerce Minister Tipu Munshi yesterday. In 2019, the...

Some 125 publicly-traded companies in the manufacturing and service sectors have expressed fears of heavy losses due to the ongoing coronavirus outbreak. Among them, 116 companies are in the manufacturing sector, such as RMG, cement, ceramics, engineering, and tannery sector. The other nine are in the real estate and service sector. These companies are...

The authorities are planning to scale back tax exemptions for sectors like ICT, power, charity and fisheries in the upcoming budget after flagrant abuse. The National Board of Revenue, or NBR, has uncovered the evidence of abuse in the blanket tax waiver facility offered to a number of "priority" sectors. The...

The government has halved source tax on cash incentives for traders in order to facilitate export-oriented sectors. From now on, exporters will enjoy 5.0 per cent tax rate on cash subsidy instead of 10 per cent. The Internal Resources Division, IRD, under the Ministry of Finance issued...

At least five large commercial banks paid less in corporate tax in the last fiscal year than that of the previous year, thus, adding to the woes of the National Board of Revenue (NBR). The five were among the top nine highest corporate tax-paying banks in the...

Some eight sectors, including solar panel manufacturers and animal feed manufacturers, will enjoy exemptions from the payment of advance tax at the import stage. The advance tax is payable at the import stage and the importers are allowed to adjust or get refund of the paid taxes...

The Large Taxpayers Unit (LTU) saw a drop in revenue collection in the July-August period of the current fiscal year (FY), 2019-20. The revenue collection growth took a hit as two large sectors -- gas and tobacco -- have witnessed a decline of Tk17.63 billion in revenue...