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NBR publishes draft of Income Tax Act

NBR publishes draft of Income Tax Act

The National Board of Revenue (NBR) has published the draft of Income Tax Act through simplifying and bringing some changes into the Income Tax Ordinance.

After taking opinions from the concerned stakeholders, the draft of the Income Tax Law will be placed before the Cabinet Division within December for final approval, said NBR Chairman Abu Hena Md Rahmatul Muneem while addressing a press conference at the NBR Building in the city's Segunbagicha area on Sunday (Oct 31), local media reported.

He said this draft law has been uploaded at the website of the NBR (https://www.nbr.org.gov.bd) for drawing opinions and suggestions from the stakeholders. After taking opinions till Nov 25, the draft law would be sent before the Cabinet Division for final approval.

The NBR Chairman said since the current Income Tax Ordinance has been framed in 1922, initiatives have been taken to turn this into a law through simplifying it and also making it time befitting.

He also informed that the Ordinance has lack of clarity for which it is being transformed into a law transcript in Bangla.

Muneem said that the draft of the Income Tax Law has been made taxpayer friendly and framed in easy language so that the taxpayers and lawyers can easily perceive the law.

Prior to the submission of the law before the Cabinet Division, workshops and seminars would be held in participation of the concerned stakeholders side by side opinions would be sought from various Ministries on the draft law, he informed.

Answering to a question, NBR member (income tax policy) Md Alamgir Hossain said that the draft law kept a provision of automatic refund in bank accounts. As a result, if any individual or organisation pays additional tax, then it would be refunded to their bank accounts automatically.

Besides, he informed that the provision for e-tax management has been incorporated in the draft law to ensure international best practices and business-friendly environment. As a result, the taxpayers would be relieved from the hassle of coming to office and thus could save their valuable time and money.