The government of Bangladesh is focused on digitizing the revenue collection system to provide better services to the taxpayers. This digitalization aims to reduce their struggles, bring clarity on collecting revenue, and remove corruption from this sector.
New technology and systems have opened up such a situation where the need for an expert income tax lawyer has been increased. And good news is, to remove the complication of paying taxes and dealing with the procedures, Legal Advice BD is here to fulfill your needs!
We provide services to our clients to meet their required obligations from individual income tax to every income tax-related issue through our best income tax lawyers in Bangladesh.
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Bangladesh Tax Law
Bangladesh’s government imposes both direct and indirect taxes where the direct tax includes land development tax, immovable property tax, income tax, etc. The indirect tax consists of VAT, advertisem*nt tax, motor vehicle tax, etc.
This year new Income Tax Act, 2023 was passed in Parliament which is the first completed and well-organized income tax law after the Income Tax Ordinance, 1984. This law has brought some rules like- it has imposed a minimum tax of 2000 tk for all TIN holders whether their taxable income exceeds the required amount or not. However, later on, this decision was eliminated.
The government also made a change for persons putting up to 50000 tk for investment in Sanchaypatra that provides tax credits.
The tax rate of the country has also increased moderately. Persons were liable to pay 0% tax while their yearly salary was 0 – 300,000 tk. After the commencement of the new Income Tax Act, 2023, the amount is now 0 – 350,000 tk.
Tax evasion is considered a heinous crime in Bangladesh and the Income Tax Ordinance, of 1984 provided a penalty for this.
What is theMinimum Tax?
According to the Finance Act, 2023 and the Income Tax Act, 2023, the standard income tax rates are mentioned below-
up to BDT 350,000 - 0%
over BDT 350,000 up to 450,000 (next BDT 100,000) - 5%
over BDT 450,000 up to 750,000 (next BDT 300,000) - 10%
over BDT 750,000 up to 1,150,000 (next BDT 400,000) - 15%
over BDT 1,150,000 up to 1,650,000 (next BDT 500,000) - 20%
over BDT 1,650,000 - 25%
The minimum tax for persons living in Dhaka City corporation and Chattogram City corporation areas is tk 5000 only if their taxable income exceeds tk 350,000 and 4000 tk for individuals living in other city corporations. For non-city corporation areas, the amount is tk 3000.
The 0% surcharge entrance for wealthy individuals is increased from BDT 30 million to BDT 40 million, resulting as follows-.
up to BDT 40 million - 0%
over BDT 40 million up to 100 million - 10%
over BDT 100 million up to 200 million - 20%
over BDT 200 million up to 500 million - 30%
Tax PayingProcess
The deadline for submission of the Return is 30 November and charges will be applicable if it isn't paid within due dates. However, the date of submission of the Return may increase for two months and further for more than two months through application.
The taxpayer has to deposit the required amount (according to income tax rate) to the Government Exchequer. The mediums of submitting income tax are treasury challan and pay order, and they also can submit it online through the official website of NBR (www.nbrepayment.gov.bd).
The taxpayer must attach the documents required by NBR. The requirement of documents has been categorized for taxpayers based on their income sources according to the Income Tax Law of Bangladesh.
A Tax PayerMust Submit
The verified and signed Returning Form along with other required documents such as a NID copy, a copy of eTin, a copy of the previous year’s return, and others to the nearest tax office.
If the taxpayer is an employee, he must provide his salary certificate, and bank statement along with TDS Challan and other supporting documents.
If the taxpayer’s source of income is business, then along with basic documents, he needs to provide the documents of sales account book, purchase account book, bank statements, profit-loss statement, investment statement, and other proofs.
There are provisions for not submitting the Return in due time. A taxpayer has to give a 10% fine on their last assessed tax or tk 1000 for the delay in submitting the Return based on which amount is higher. The further charge is that they have to pay a 50tk fine for each day that has been delayed.
Our TaxationServices
We give support to our clients mainly on issues like-
Tax return filing
Supplementary duty
Advance income tax
Tax on capital gain
Personal income tax
Recovery of tax
VAT
And all kinds of issues related to income tax
All kinds of corporate work
Company tax
Audit
Service on court procedure for tax-related cases
All kinds of dealing with NBR
Income tax-related disputes
Delay return
Why are we the BestTax lawyers?
Choosing the right tax lawyer for your legal matters is the biggest challenge. The possibility of winning is quite influenced by your decision to choose the right lawyer. When it’s about services and expert lawyers, Legal Advice BD should be your first choice because,
Experienced Income Tax Attorneys
Our team is comprised of experienced lawyers and experts in income tax law. They also hold modern technology-based knowledge which makes us one step ahead of others.
Personalize Legal Guidance
Legal Advice BD always prioritizes your needs and carries a client-centric approach. We have experienced tax lawyers in different fields. We provide the best tax lawyers in Dhaka who can help you according to your problem, and you can have personalized legal guidance.
Helpful Approach
Legal Advice BD always holds a helpful approach towards our clients so that the client feels safe and comfortable.
Constant Support
We give our clients an uninterrupted guidance to deal with their matters.
Professionalism
We provide true advice to our clients and are dedicated to our profession.
