Tag: NBR
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Former NBR member Matiur Rahman, wife arrested
Former National Board of Revenue (NBR) member Matiur Rahman and his first wife, former upazila chairman Laila Kaniz, have been arrested by the Dhaka Metropolitan Detective Branch (DB). DMP deputy commissioner (media and public relations) Muhammad Talebur Rahman confirmed the arrest, which took place in Dhaka’s Bashundhara on Wednesday morning. The couple faces several cases…
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Government will deduct 120 billion taka more from public’s pocket
Demand for oranges as a dietary supplement remains high throughout the year, as dengue and common fever have become year-round health concerns in Bangladesh. Nevertheless, the government increased the supplementary duty on import of this fruit from 10 per cent to 30 per cent, increasing the import cost by Tk 15 per kg. Its total…
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Government exempts VAT on metro rail services for another year
The Board of Revenue, as per the power given under sub-section (3) of Section 126 of the Value Added Tax and Supplementary Duty Act, 2012, has given exemption to the state in a quick, safe, time-saving, environment-friendly manner. State-of-the-art technology based transportation system metro rail service by paying value added tax. This order will come…
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Will Benazir be able to pay 15 percent tax and convert her black money into white?
Incidentally, the ACC has found that Benazir, her wife and children own 621 bighas of land in Gopalganj, Madaripur, Dhaka and other districts, four flats in Gulshan, 33 bank accounts, shares in 19 companies and three B.O. accounts, as well as savings certificates worth 30 lakh taka (30 lakh taka). Following an appeal by the…
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Revenue collection target set at 5.41 trillion taka
The government has set an ambitious revenue collection target of 5.41 trillion taka for the financial year 2024-25. This is 9.7 percent of the country's gross domestic product (GDP). Of this amount, Tk 4.80 trillion is proposed to be collected through the National Board of Revenue (NBR), while the remaining amount – Tk 610 million…
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National Budget 2024-25: Finance Minister to unveil 7.97 trillion taka plan amid economic challenges
Though the government is trying to reassure people, no one is believing it because the base has become weak. Apart from this, there is also pressure to fulfill various conditions of the International Monetary Fund (IMF). This multidimensional pressure has also affected the upcoming national budget. The growth rate which was more than 10 percent…
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IMF wants 15 percent VAT in all sectors
IMF wants 15 percent VAT in all sectors
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IMF recommends removal of tax exemption facilities for 33 industries. NBR is working on compliance
The fourth part of the Sixth Schedule of the Income Tax Act provides 10 years of tax exemption to 33 types of organizations in the manufacturing sector. Sectors in this list include active pharmaceutical ingredients and radiopharmaceuticals, agricultural equipment, automatic bricks, automobiles, barrier contraceptives and rubber latex, basic elements of electronics such as resistors, capacitors,…
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Obaidul Quader expressed concern over imposition of 15% VAT on Metrorail ticket fare.
Mentioning that he would talk to the Prime Minister on the issue of VAT on Metrorail tickets, Obaidul Quader today said, “Metrorail is a special service of public transport. People are benefiting from this. I don't know who suddenly gave such news before any decision was taken at the highest level of the government. At…
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15 percent VAT on metro rail tickets, possibility of fare increase
In this regard, the VAT Division of the National Board of Revenue (NBR) issued an office order on Thursday expressing its inability to waive tax on the country's first metro rail. At present, the Metro Rail has the privilege of tax exemption till the end of the current financial year. The operating authority, Dhaka Mass…
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NBR wants to impose 15% VAT on Metrorail tickets from July: Latest update
Later, Metrorail officials wrote a letter to NBR Chairman Abu Hena Mohammad Rahmatul Munim, presenting their arguments against imposing VAT on Metrorail tickets. Regarding this, Dhaka Mass Transit Company Limited (DMTCL) Secretary and Director Abdur Rauf told Prothom Alo that there is a law to levy 15 percent VAT on air-conditioned train tickets. But all…
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Rising prices of dates in Bangladesh: Disproportionate cost analysis reveals rising rates
In 2022, the government increased duties on imported dates in an effort to keep imports under control. It consisted of 25 percent import duty, 15 percent VAT, 5 percent advance income tax, 5 percent advance tax and 3 percent regulatory duty. The total tax burden was 59 percent. Recently, the government cut import duty by…
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Business group borrowed Tk 12b without Central Bank's knowledge: AK Azad
Member of Parliament AK Azad has commented that Bangladesh Bank does not have enough power to regulate the banking sector. He said that a business group had borrowed Tk 12 billion from a bank but Bangladesh Bank was not aware of it. AK Azad, former president of the Federation of Bangladesh Chambers of Commerce and…
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Rural Welfare will have to pay Tk 1.19 billion as income tax
Earlier, Grameen Kalyan had filed four income tax references in 2015, one in 2016 and two in 2018. Sardar Jinnat Ali, MD Omar Ali and Delawar Hussain represented Rural Welfare, while Attorney General AM Amin Uddin and Assistant Attorney General Tehmina Pauly represented the state. Tehmina Poly told Prothom Alo that following the Income Tax…
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Increasing burden of government debt: impact on revenue collection and economy
Over the past decade, the amount of domestic and foreign debt as a proportion of revenue collected by the NBR has increased by nine percentage points, an analysis of NBR and Finance Ministry data shows. This means that government borrowing is increasing every year. The trend of borrowing has been high for the last three-four…