The tax authority has drafted a new income tax law that seeks to automatically provide refunds of excess tax paid by citizens to their bank accounts, said the National Board of Revenue (NBR) yesterday.

The tax authority has drafted a new income tax law that seeks to refund additional tax automatically to bank accounts of taxpayers.

The tax authority has reduced corporate tax to 10 per cent for makers of freezer, refrigerator, motorcycle and compressor and air conditioner until June, 2032 with the aim to give further stimuli to the growing home electronics and automobile sector.

The field offices of tax are going to organise a month-long show at their respective offices in order to enable taxpayers to submit their income tax returns as the national board of revenue will not hold tax fair for the second consecutive year.

Individual taxpayers will have to submit their income tax returns at tax offices this year too as the annual tax fair will not be held this time to avoid mass gatherings amid the Covid-19 pandemic.

The National Board of Revenue (NBR) is observing developments regarding a recent global move setting the minimum tax rate for big companies at 15 per cent to curb scopes for them to transfer profits to low tax jurisdictions.

The National Board of Revenue (NBR) yesterday said it developed an automated system to reduce hassles faced by authorities dealing with tax deducted at source (TDS) in complying with rules and bring about transparency and accountability in collections.

The National Board of Revenue (NBR) today launched an automated system to enable public and private agencies deduct and deposit tax at source without taking trouble of doing the job manually.

Five global tech firms paid Tk 4.6 crore as value added tax (VAT) in August with social media giant facebook depositing the highest amount, which reflects the growing desire of businesses to advert about their product and services in the digital sphere.

Bashundhara Steel Complex Ltd, a concern of Buildtrade Group, has been sued for reportedly evading Tk 8.48 crore of value-added tax (VAT).

Chattogram customs office has seized a consignment of 200 grams of rhodium, a rare metal that is used as catalysts in the chemical industry, for declaring less than the current market price.

Bangladesh continues to remain highly dependent on cigarette and tobacco products for its value-added tax (VAT) collection as the health hazards account for nearly one-third of the indirect tax generated by the domestic market.

Fu Wang Bar has been sued by the VAT Audit, Intelligence and Investigation Directorate (VAIID) for allegedly evading Tk 41.08 crore in value-added tax.

The National Board of Revenue (NBR) has not yet taken any decision regarding holding the annual income tax fair this time around amidst the Covid-19 pandemic, said Chairman Abu Hena Md Rahmatul Muneem yesterday.

The VAT intelligence has claimed that Nasir Glass Industries Limited has evaded Tk 14.66 crore in value-added tax (VAT).

Alesha Mart has paid Value Added Tax (VAT) of Tk 52 lakh after the intelligence found evidence of VAT evasion against the e-commerce platform.

The VAT intelligence has filed a case against online shopping platform E-orange on the allegation of evasion of value-added tax (VAT).

Two entities of Popular Group have made a payment of Tk 6.36 crore against allegations of value added tax (VAT) evasion brought by a state intelligence wing probing claims of tax evasion by healthcare providers.

Global e-commerce company Amazon has paid Tk 53 lakh in Value Added Tax (VAT) directly to the revenue authority after it got registration for the indirect tax.

Global tech giant Google has paid Tk 2.30 crore as value-added tax (VAT) directly to the National Board of Revenue.