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Value added tax (VAT) in Bangladesh was introduced in 1991. The standard rate of VAT is 15% levied on transaction value of most of the imports and supplies of goods and services. Corporate tax rate
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]
Map of the world showing national-level sales tax / VAT rates as of October 2019. A comparison of tax rates by countries is difficult and somewhat subjective, as tax laws in most countries are extremely complex and the tax burden falls differently on different groups in each country and sub-national unit.
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 1993, a standard rate of 23% and a reduced rate of 5% for non-alcoholic beverages, sewerage, heat, and public transport was introduced. In 2015, rates were revised to 21% for the standard rate, and 15% and 10% reduced rates.
The Directorate sued Grameen Bank for VAT evasion of 670 million BDT. [15] It secured 5.2 million BDT from Alesha Mart after completing an audit of the company. [ 16 ] In November 2021, VAT Audit, Intelligence and Investigation Directorate fined Danish Foods Limited, a subsidiary of Partex Group for evading 34.6 million BDT in VAT. [ 17 ]
The 2022 National budget of Bangladesh was presented by Minister of Finance AHM Mustafa Kamal on 9 June 2022. The budget is for the fiscal year beginning on 1 July 2022, and ending on 30 June 2023. The budget was the 14th presented by the Awami League -led Grand Alliance of Prime Minister Sheikh Hasina since returning to office in 2009.
This is an accepted version of this page This is the latest accepted revision, reviewed on 29 January 2025. Economy of Bangladesh Motijheel C/A, the downtown of Dhaka Currency Bangladeshi taka (BDT, ৳) Fiscal year 1 July – 30 June Trade organizations SAFTA, SAARC, BIMSTEC, WTO, AIIB, IMF, Commonwealth of Nations, World Bank, ADB, Developing-8 Country group Developing/Emerging Lower-middle ...