NBR to amend of new tax law, if gets specific proposals
Staff Reporter :
The National Board of Revenue (NBR) will amend the new tax law, if it receives any specific proposal as there are several discrepancies in there.
“There is room for further work on the Finance Bill- 2023 and there is also an opportunity to inform the NBR, if there is any specific proposal,” said Tax Commissioner Ahsan Habib.
He was speaking at discussion on “Compliance with Tax Payment, Return Filing and Deduction of Tax at Source: Amendments through Income Tax Law- 2023 and Finance Bill-2023” organised by Metropolitan Chamber of Commerce and Industry (MCCI), Dhaka at its conference room in the city on Monday.
The discussion was arranged to clarify the newly incorporated provisions of the new tax law.
MCCI members participated in the discussion.
Urging the taxpayers to take tax related service from the NBR throughout November, he said, “Individual taxpayers will be able to file their returns throughout the months as special arrangements will be set up on the premises of every tax zone.”
The Income Tax Law 2023 was passed in the Parliament, replacing the Tax Ordinance 1984.
But, in face of various objections from the business community, the NBR has already changed several provisions of the law by issuing Statutory Regulatory Order (SRO) and is working to bring some changes in the law.
People’s expectation was high as the tax law has been changed after a long time, but it has failed to meet the expectation fully, the participant alleged.
MCCI President Md Saiful Islam said, “The country has been facing different challenges since the breakout of the Covid-19 pandemic and the beginning of Ukraine-Russia war.
Considering the overall situation, it was a very difficult task to formulate the tax law.”
“It will also be quite difficult to implement the tax law this year.
However, the businesses will cooperate to implement the law,” he added.
The MCCI president also informed that around 45 per cent of total taxes come from the trade body’s members.
