Taxation in Bangladesh

From Wikipedia, the free encyclopedia the principal direct taxes are personal income taxes and corporate income taxes, and a valueadded tax (VAT) of 1 ! levied on all important consumer "oods# The top income tax rate for individuals is $ !# For the $%11&1$ tax year ('uly 1, $%11('une )%, $%11$) the top corporate rate *as + !# ,o*ever, pu-licly traded companies re"istered in .an"ladesh are char"ed a lo*er rate of $/# !# .anks, financial institutions and insurance companies are char"ed the + ! rate# All other companies are taxed at the )/# ! rate# 0ffective 1 'uly $%11, The National Board of Revenue (NBR) is the central authority for tax administration in .an"ladesh# Administratively, it is under the 1nternal 2esources 3ivision (123) of the 4inistry of Finance (4oF)# 4oF has + 3ivisions, namely, the Finance 3ivision the 1nternal 2esources 3ivision (123), the .ankin" 3ivision and the 0conomic 2elations 3ivision (023)# 0ach division is headed -y a 5ecretary to the 6overnment# 5ecretary, 123 is the ex-officeo 7hairman of 8.2# 8.2 is responsi-le for formulation and continuous re-appraisal of tax-policies and taxla*s in .an"ladesh# 8e"otiatin" tax treaties *ith forei"n "overnments and participatin" in inter-ministerial deli-erations on economic issues havin" a -earin" on fiscal policies and tax administration are also 8.29s responsi-ilities# The main responsi-ility of 8.2 is to mo-ili:e domestic resources throu"h collection of import duties and taxes, VAT and income tax for the "overnment# 5ide -y side *ith collection of taxes, facilitation of international trade throu"h ;uick clearance of import and export car"oes has also emer"ed as a key role of 8.2# <ther responsi-ilities include administration of matters related to taxes, duties and other revenue related fees&char"es and prevention of smu""lin"# =nder the overall control of 123, 8.2 administers the excise, VAT, customs and income-tax services consistin" of )+)+ officers of various "rades and 1%1> supportin" staff positions