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NBR is the Authority for Tax Policies and Tax Laws in Bangladesh. [1] [2] NBR collects almost 97% of Tax Revenue and almost 85% of total Revenue for the Government of Bangladesh. [3] The Customs, Excise and VAT Appellate Tribunal is a tribunal under the National Board of Revenue established in 1995. [4] [5]
Generally, a company's export earnings are 50 percent exempt. For companies, the tax day (i.e. tax return due date) is now the 15th day of seventh month following the end of income year; alternatively, where that fifteenth day is before 15 September, the tax day is 15 September of the year following the end of the income year. [3]
The budgets focused on several key reforms: the VAT net was expanded, and the tax-free income limit was increased to ৳0.15 lakh. The 4% infrastructure development surcharge was abolished, and changes were made to the tariff structure to support local industries. A new system of tax holidays was introduced, and corporate tax rates were reduced.
In South Africa, the turnover tax is a simple tax on the gross income of small businesses. Businesses that elect to pay the turnover tax are exempt from VAT. Turnover tax is at a very low rate compared to most taxes but is without any deductions. [1] In Ireland, turnover tax was introduced in 1963 [2] and followed by wholesale tax in 1966.
T. K. Group of Industries was established in 1972 as a trading company by two brothers, Mohammed Abu Tayab, and Mohammad Abul Kalam. [6] The brothers started the business with a two thousand taka grant from their father. [7] It is the largest producer of edible oil products in the country. [8] The annual turnover of the group is over US$ 5 billion.
In November 2019, KDS Accessories approved 15 per cent dividend for stock holders. [12] In August, the managing director of the group, Salim Rahman, was made the chairman of Al-Arafah Islami Bank. [13] KDS Accessories Limited profit increased 6 per cent in 2022 from 2021. [14] The rising cost of raw materials had reduced the bottom line for the ...
Bangladesh Customs is the principal customs agency of Bangladesh. The agency operating under the National Board of Revenue (NBR) is the lead tax collection agency in Bangladesh. [1] NBR is part of the Internal Resources Division (IRD) under the country's Ministry of Finance. The agency formulates policies concerning the levy and collection of ...
In February 2021, the Directorate sued Delta Life Insurance Company Limited for 351.8 million BDT in VAT evasion. [11] Insurance Development & Regulatory Authority appointed an administrator for Delta Life Insurance Company. [12] It began preparations to sue Paperfly, a logistics company. [13] The Directorate sued E-orange in August for VAT ...