Tax

The tax collector has moved to remove the complexities over issuing the VAT registration after it found 80 per cent of the businesses have not updated their identification yet. Some 20,000 businesses have updated their Business Identification Number (BIN) since July according to guideline under the new...

The government has reduced tariff by 10% on 10-15 seater microbus imports, to encourage the use of safe public transport and prevent accidents. The National Board of Revenue (NBR) issued a circular in this regard on Thursday. According to the circular,...

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...

The customs authority has issued a rule to allow duty-free import of products without insurance and freight charges valued lower than Tk 2,000. The similar facility will be applicable to a product whose import duty is below Tk 2,000. The 'Customs (Deminimis) Rule-2019' will clear the way...

The National Board of Revenue is going to introduce a new system online from September 1 and taxpayers would be able to submit their income tax returns from mobile phones through this platform. The taxpayers would be able to submit their tax returns for...

The value added tax (VAT) proposed in the budget for 2019-20 on online shopping comes into effect from today, albeit at a reduced rate and under a new calculation. Amidst the e-commerce industry’s outcry and campaigns, the rate has been reduced to 5 percent...

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...

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 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...

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...