BANGLADESH INCOME TAX BY NIKHIL CHANDRA SHIL PDF

Zujinn Interim reporting is the reporting of accounting information to the stakeholders for a period lower than a year. Cost and management accounting practices in Bangladesh: Convergence of Accounting Standards: In this paper, I have tried to explain EVA theoretically; its origination, definition, ways to make it tailored, adjustments required, scope and some other related issues. The journey to have a common set of accounting standards started long before to give it a professional shape and essence. An Appraisal of Income Tax. Nilhil AHP, the selected criteria are ranked and organized in a hierarchical order from generic to specific to formulate the problem.

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L Name of Members I. Sheikh Ariful Islam G. L Abu Kawsar Kazi arafat Syed Magfur Ahmed 05 Md. Forhad Hossain 06 Md. Ashrafur Rahman 07 Al Imran 08 Md. Saddam Hossain Tenver Ahmed Mozaed After researching and studying the assignment, we made a copy of it. All of the major points associated with Socio cultural effects, Ethical issues , Environmental and political issues are included here. Thank you again for giving us the opportunity to do this task.

Please contact us when you have finished reading the report or if you have any questions. Hope to hear from you soon. Sincerely, Md. In this context, tax performance is of crucial importance, especially for a developing country, since it is the prime source for domestic resource mobilization. Many developing countries often face difficulty in augmenting tax revenue to the desired level and considerable attention is being devoted to formulating fiscal policy best suited for increasing revenue.

In this assignment we focus on the tax, its history, definition and why the people of Bangladesh avoid taxes and what the government should do to solve this problem.

The external environment influencing thee ta tax performance of Bangladesh has changed ged remarkably as the country became increasing singly integrated with the global economy during dur the s McCarten, In recentt yeyears, the Government of Bangladesh hasas initiated i some administrative and policy refor eforms in the tax system. An improved tax administration adm in association with some prag pragmatic policy initiatives has resulted d in i a modest improvement in the tax-GD GDP ratio of late.

However, the perform formance is still unsatisfactory as compared ed to other countries at a similar stage age of economic development. Recordss fro from the time document that the pharaoh h would wo conduct a biennial tour of the kingdom om, collecting tithes from the people. Othe ther records are granary receipts on limestonene fflakes and papyrus. Early taxation is also o described de in the Bible.

In Genesis chapter 47, verse 24 - the New International Version on , it states "But when the crop comes in, giveve a fifth of it to Pharaoh. The other four-fifths fths you may keep as seed for the fields and d aas food for yourselves and your househo seholds and your children".

Joseph was tellingg th the people of Egypt how to divide their crop, cro providing a portion to the Pharaoh. Egyptian peasants seized ed for non- payment of taxes. Pyramid Age Age Later, in the Persian Empire,, a regulated and sustainable tax system wawas introduced by Darius I the Great in 00 BC; B the Persian system of taxation was tailored ored to each Satrapy the area ruled by a Satrap atrap or provincial governor. At differing times, s, th there were between 20 and 30 Satrapies in the th Empire and each was assessed accordinging tto its supposed productivity.

It was the e responsibility re of 8 Page the Satrap to collect the due amount and to send it to the emperor, after deducting his expenses the expenses and the power of deciding precisely how and from whom to raise the money in the province, offer maximum opportunity for rich pickings.

The quantities demanded from the various provinces gave a vivid picture of their economic potential. For instance, Babylon was assessed for the highest amount and for a startling mixture of commodities; 1, silver talents and four months supply of food for the army. India, a province fabled for its gold, was to supply gold dust equal in value to the very large amount of 4, silver talents.

Egypt was known for the wealth of its crops; it was to be the granary of the Persian Empire and, later, of the Roman Empire and was required to provide , measures of grain in addition to talents of silver. This was exclusively a tax levied on subject peoples. Persians and Medes paid no tax, but, they were liable at any time to serve in the army.

The Rosetta Stone, a tax concession issued by Ptolemy V in BC and written in three languages "led to the most famous decipherment in history—the cracking of hieroglyphics". In India, Islamic rulers imposed jizya a poll tax on non-Muslims starting in the 11th century. It was abolished by Akbar.

Numerous records of government tax collection in Europe since at least the 17th century is still available today. But taxation levels are hard to compare to the size and flow of the economy since production numbers are not as readily available, however.

Government expenditures and revenue in France during the 17th century went from about In —89, it reached During the war-filled years of the eighteenth and early nineteenth century, tax rates in Europe increased dramatically as war became more expensive and governments became more centralized and adept at gathering taxes.

Another study confirmed this number, finding that per capita tax revenues had grown almost six fold over the eighteenth century, but that steady economic growth had made the real burden on each individual only double over this period before the industrial revolution.

Average tax rates were higher in Britain than France the years before the French Revolution, twice in per capita income comparison, but they were mostly placed on international trade. In France, taxes were lower but the burden was mainly on landowners, individuals, and internal trade and thus created far more resentment. Taxes are also imposed by many subnational entities. Taxes consist of direct tax or indirect tax, and may be paid in money or as its labor equivalent often but not always unpaid labor.

A tax may be defined as a "pecuniary burden laid upon individuals or property owners to support the government. A tax "is not a voluntary payment or donation, but an enforced contribution, exacted pursuant to legislative authority" and is "any contribution imposed by government whether under the name of toll, tribute, tallage, gabel, impost, duty, custom, excise, subsidy, aid, supply, or other name.

Tax revenue constitutes around 80 percent of total internal resources in the country. The non- NBR portion of tax mainly includes narcotics duty, land revenue, non-judicial stamp, registration fee and motor vehicles tax.

It is also lowest among the developing countries. Heavier Reliance on Indirect Taxes Total taxes in Bangladesh are divided into direct and indirect taxes. Direct taxes in Bangladesh consist of taxes on income income tax, corporation tax, agricultural income tax and taxes on property wealth tax, gift tax, estate duty, capital gains tax, urban property tax, house rent, land revenue, registration and non-judicial stamp. Like other developing countries, direct taxes contribute little to overall tax revenue in Bangladesh.

The direct taxes in general accounted for less than a fourth of the total tax revenue of the country. Traditionally, the tax structure of Bangladesh is such that it has to rely on indirect tax for revenue generation, which is discriminatory in nature.

Taxes on Income and Profit occupies major share of direct taxes, with 26 percent of total tax revenue in FY The sources for such high growth of revenue collection in the recent years are the increase in income tax and value added tax VAT at local stage which grew by A slow move towards increasing the income tax is being observed recently.

For example, in direct taxes, agricultural land has not been a buoyant source of revenue as the rates have not been revised periodically McCarten, A significant number of tax expenditure measures exist in both direct and indirect taxes which creates an adverse impact on the overall revenue effort.

Low Revenue Productivity and High Administrative Costs Empirical studies have found that poor logistics, lengthy procedures, unofficial payments, etc. National Income Taxes Overview Bangladesh imposes income tax on net income at the national level.

The definition of income subject to tax is expansive and includes most capital gains. Taxable business income is based on accounting income, adjusted for nondeductible expenses and statutory allowances.

Bangladesh offers several tax incentives, including tax holidays specified by the National Board of Revenue and reduced tax rates for specific categories of income and investors. Individuals Individuals resident in Bangladesh are subject to tax on their worldwide income.

For most types of income, individual rate brackets are generally progressive from zero to 25 percent. Capital gains are generally subject to tax at progressive rates from zero to 15 percent.

Dividends and interest are generally are taxable to residents at a rate of 10 percent. Companies Companies resident in Bangladesh are subject to tax on their worldwide income. The general rate applicable for publicly traded companies having a registered office in Bangladesh and regularly distributing certain required dividends is 30 percent.

The general rate for all other companies, including nonresident companies, is 40 percent. Banks, insurance companies, and other financial institutions are subject to income tax at a rate of 45 percent and to an excess profits surtax of 15 percent on profits exceeding 50 percent of capital and reserves.

Dividends generally are subject to a withholding tax of 10 percent. International Aspects under Domestic Bangladesh Law Residency Generally, resident individuals and companies are subject to income tax on their worldwide income, while nonresident individuals and companies are subject to tax only on their income from sources in Bangladesh.

Individuals are generally resident for tax purposes if they are present for days or more in a tax year, or are present in Bangladesh for more than 90 days in a tax year and have been present in Bangladesh for a total of more than days during the four preceding tax years. However, noncitizen technicians employed in Bangladesh are exempted from tax on their salaries for the first three years of employment upon approval by the tax department provided that the salaries are not taxed outside Bangladesh.

After this three-year period, such individuals may be considered residents and taxed on their worldwide income. A 13 P a g e company is resident in Bangladesh if it is registered under the laws of Bangladesh or if the control and management of its business are exercised in Bangladesh.

Sources of income Income from sources in Bangladesh includes income derived from services rendered and activities carried out in Bangladesh, income from sales of property located within Bangladesh, and income reasonably attributable to the conduct of a business within Bangladesh. Nonresident withholding Nonresident individuals are generally subject to tax on Bangladesh-source income at a rate of 25 percent without allowance of deductions, exemptions or other relief. Nonresident companies are subject to tax on Bangladesh-source income at a rate of 40 percent without allowance of tax credits.

Bangladesh imposes and requires withholding of tax on dividends paid by resident companies to nonresident companies at a rate of 40 percent. Dividends paid to nonresident individuals are subject to withholding tax at a rate of 25 percent.

Bangladesh-source interest payments to nonresident corporations generally are subject to withholding tax at a rate of 40 percent. Interest payments to nonresident individuals are generally subject to withholding tax at a rate of 25 percent. As with dividends, the withholding tax rate is the income tax rate applicable to the recipient.

Bangladesh-source royalties and technical assistance fees paid to nonresident individuals or nonresident companies are subject to a percent withholding tax. In the absence of a treaty, Bangladesh generally provides double tax relief by way of a credit against Bangladesh tax.

Other Taxes In addition to the taxes described above, other taxes are levied at the national level. A value-added tax is imposed at a standard 15 percent rate, which is reduced to 1. Excise taxes are imposed upon certain luxury goods and services, vehicles, natural gas, liquor, cigarettes and certain other goods and services.

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L Name of Members I. Sheikh Ariful Islam G. L Abu Kawsar Kazi arafat Syed Magfur Ahmed 05 Md.

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BANGLADESH INCOME TAX BY NIKHIL CHANDRA SHIL PDF

Nagar The maiden budget of the newly elected government in Bangladesh is of the size Tk. It includes a gross revenue of Tk. Contemporary research in cost and management accounting practices: Qualitative research methodology is applied to obtain a better understanding of the phenomena. Journal of Entrepreneurship, Management and Innovation Some of the control tools it has adopted are the innovations in the public sector. It focuses on the methodology of selecting the right supplier s from a list of suppliers.

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