The National Board of Revenue today said it will accept tax returns from individual taxpayers on the first day of January 2023.

The tax authority yesterday announced Transcom Group Chairman Shahnaz Rahman, The Daily Star Editor and Publisher Mahfuz Anam, and Prothom Alo Editor Matiur Rahman as top taxpayers for fiscal 2021-22.

Transcom Group Chairman Shahnaz Rahman has been named as the highest taxpayer in the 'female' category for the tax year of 2021-2022.

The Daily Star Editor and Publisher Mahfuz Anam and Prothom Alo Editor Matiur Rahman have been named as the top taxpayers in the journalist category for the seventh consecutive year.

Most of the 1.16 crore people capable of paying income taxes in Bangladesh have remained out of the tax net of the National Board of Revenue (NBR), according to a senior official of the tax administration today.  

The number of registered taxpayers is gradually increasing in Bangladesh but return submission is low relative to the size and growth of the economy, which has expanded significantly in the past decade.

The National Board of Revenue today extended the deadline for income tax return submission till December 31.

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

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.