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Definition of the Company: According to rule 2(20) here, (1 to 5) these 5 things are
included.
4. Details of Assessment:
Two types of assessments. One is universal self-assessment and other is normal
assessment. In universal self-assessment, there is less hassle in general.
6. Incentives for Participants- merchandise, brokerage house, investors, issue related people
or purchase-sale related people.
8. According to 19 (11G), rule 24 company’s return form is different. What is the rule here?
2. How the residential status of the company is determined?
1. For the purposes of this Convention, the term "resident of a Contracting State" means
any person who, under the laws of that State, is liable to tax therein by reason of his domicile,
residence, place of incorporation, place of effective management or any other criterion of a
similar nature. But this term does not include any person who is liable to tax in that State in
respect only of income from sources in that State.
Corporate tax:
Corporate tax rates for industrial companies whose shares are publicly traded is 35% and the rate
of those whose shares are not publicly traded is 40%
Tax rates on other companies:
Tax rates on income of all other companies including banks, financial institutions, insurance
companies and local authorities is 45%
Investment requirement by companies enjoying tax holiday:
Companies enjoying tax holidays are required to invest only 25% to 30% of their income in other
activities as per rule of N.B.R.
The standard rate of corporate tax in Bangladesh is 27.5% in 2008 - 2009 tax year. This is the
standard corporate tax rate applicable to publicly traded companies in Bangladesh, a list
including tax rates for other corporations are as follows:
If any publicly traded company declares more than 20% dividend, 10% rebate on total tax is
allowed.
Time to submit income tax return: By 15th of July next following the income year or, where the
15th of July falls before the expiry of 6 months from the end of the income year, before the
expiry of such 6 months.
Advance Payment of Tax
Every taxpayer in Bangladesh is required to pay advance tax in four equal installments falling on
15th September; 15th December; 15th March and 15th June of each year if the latest assessed
income exceeds BDT 300,000. Penalty is imposed for default in payment of any installment of
advance tax.
For the purpose of computation of total income and charging tax thereon, sources of income can
be classified into 7 categories, which are as follows :
- Salaries
- Interest on securities
- Income from house property
- Income from agriculture
- Income from business or profession
- Capital gains
- Income from other sources.
4 Details of Assessment:
Two types of assessments. One is universal self-assessment and other is normal assessment. In
universal self-assessment, there is less hassle in general.
Universal self-assessment method of paying taxes has gained popularity this year. Individual
taxpayers are exercising the freedom to pay any amount of tax consistent with their earnings and
expenditures and are also they facing less harassment because the discretionary powers of
taxmen have been curtailed.
The universal self-assessment method was introduced from last fiscal year to enable individual
taxpayers to assess their own incomes and expenditures and submit taxes accordingly without
taking assistance from tax practitioners and middlemen.
Assessment Procedures
- For a return submitted under normal scheme, assessment is made after hearing.
- For returns submitted under Universal Self Assessment Scheme, the acknowledgment slip is
determined to be an assessment order. Universal Self Assessment is of course subject to audit.
- If total income of any individual other than female taxpayers, senior taxpayers of 70 years and
above and retarded taxpayers during the income year exceeds BDT 165,000.
- If total income of any female taxpayer, senior taxpayer of 70 years and above and retarded
taxpayer during the income year exceeds BDT 180,000.
- If any person was assessed for tax during any of the 3 years immediately preceding the income
year.
- A person who lives in any city corporation / paurashava / divisional HQ/district HQ and owns a
building of more than one storey and having plinth area exceeding 1,600 sq. feet/owns motor
car/owns membership of a club registered under VAT Law.
- If any person subscribes a telephone.
- If any person runs a business or profession having trade license.
- Any professional registered as doctor, lawyer, income tax practitioner, Chartered Accountant,
Cost & Management Accountant, Engineer, Architect and Surveyor etc.
- Member of a Chamber of Commerce and Industries or a trade Association.
- Any person who participates in a tender.
- A person who has a Taxpayer's Identification Number (TIN).
- Candidate for Union Parishad, Paurashava, City Corporation or Parliament.