The National Board of Revenue (NBR) is going to celebrate tax service month this November to facilitate taxpayers return submissions.

The government should rationalise the existing tariff structure, as Bangladesh will face a few challenges in case of giving subsidies after its graduation to a developing nation, said Rizwan Rahman, president of Dhaka Chamber of Commerce and Industry (DCCI).

Bangladesh and the European Union yesterday agreed to form a joint committee to find out the challenges standing in the way of smooth customs clearances and the opportunities a simplified procedure can offer for both express and non-express air cargoes. 

The Foreign Investors’ Chamber of Commerce and Industry (FICCI) yesterday expressed concerns over a provision in the proposed national budget for fiscal year 2022-23 that would require companies to pay tax on their contributions towards the Workers’ Profit Participation Fund (WPPF).

Finance Minister A H M Mustafa Kamal FCA, MP placed his fourth national budget in parliament on June 9, proposing reducing the tax burden on businesses significantly. The proposed base income tax rate is 27.5 per cent, a reduction by 2.5 percentage points from the current 30 per cent.  

The National Board of Revenue (NBR) has relaxed rules regarding value-added tax (VAT) registration of manufacturing entities operating in Bangladesh, a move welcomed by the businesses as it would reduce their cost of compliance. 

The government should be pragmatic about addressing the challenges it will face while implementing the budget for the upcoming fiscal year, said the Institute of Chartered Accountants of Bangladesh (ICAB) yesterday.

Most of the companies in Bangladesh may not qualify for the 2.5 percentage points cut in the corporate tax rate as proposed in the budget for the upcoming fiscal year owing to stringent conditions.

Merchant bankers have requested the government to further decrease the corporate tax rate for listed companies such that it attracts non-listed ones into going public. 

Business chambers and trade bodies welcomed the business-friendly measures in the proposed budget for the next fiscal year as the country’s economy strives to recover from the fallouts of the pandemic, the Russia-Ukraine war and high inflation.

Contractors and suppliers failing to submit proof of submission of income tax returns may have to pay an additional 50 per cent source tax from the next fiscal year.

Taxes and fees as a percentage of mobile sector revenues in Bangladesh are more than double the Asia Pacific average, subsequently leaving a negative impact on access and use of mobile technology, says a GSMA report released yesterday.

The National Board of Revenue (NBR) launched a hotline number of 16134 to get services related to the Automated System for Customs Data (Asycuda) and customs.

The National Board of Revenue (NBR) today cut value added tax (VAT) at imports of edible oil to 5 per cent from 15 per cent in line with the government's decision to reduce the indirect tax to give some relief to consumers.

The Dhaka Chamber of Commerce and Industry (DCCI) today urged the National Board of Revenue (NBR) to cut the corporate tax for listed and non-listed companies by 2.5 percentage points in the next fiscal year.

Officials of Chattogram Custom House today seized 1.68 crore cigarettes which were imported under false declaration and fake documents.

The National Board of Revenue (NBR) should reduce the duties and taxes, both at import and domestic levels, for essential commodities to provide some respite to consumers with low and limited income amid soaring inflation, said the Centre for Policy Dialogue (CPD) today.

The Metropolitan Chamber of Commerce and Industry (MCCI) today urged the government to continue reducing the corporate tax in the upcoming national budget and set a rational rate.

The bond facility will be completely automated by 2023 so that no one can gain illegal benefit from the system, said Abu Hena Md Rahmatul Muneem, chairman of the National Board of Revenue.

The National Board of Revenue (NBR) is going to start its pre-budget meetings for the next fiscal year from February 6.