Cabinet okays draft of Income Tax Act

Business Report :
The cabinet approved the draft of the Income Tax Act-2023 in principle, which among other things, curbs the discretionary powers of the income tax officer.
The approval came from the cabinet meeting chaired by Prime Minister Sheikh Hasina at her office, said Cabinet Secretary Mahbub Hossain while speaking at a press briefing held at the Secretariat.
Explaining the salient points in the draft, the cabinet secretary said income tax officers cannot fix income tax as per his/her wish and income tax will be determined according to the formula prescribed by law.
One of the decisions of the cabinet was to change all the laws of military rule and the laws that are in English, to bring them up to date. That is why this law has been drafted by the internal resources department, said Mahbub.
Actually, the existing Act in English has been converted into Bangla and simplified with some additions. Besides, some complex and ambiguous languages were scrapped, reports UNB.
Besides, the discretionary power of the income tax officer has been limited in the act.
“There are 348 sections in the act and the business persons can easily submit their income tax returns,” he said.
A mathematical formula has been introduced in the act to assist the tax payers to determine their tax and as per the result of it, the tax payers can pay their taxes, he added.
Through the act, it will help the tax payers to submit their income tax returns online.
Besides, the Cabinet also gave its final approval to the draft of the Agency to Innovate (A2i) Act-2022.