DHAKA: National Board of Revenue (NBR) has formed an eight-member special committee for simplifying the income tax law and rules.
NBR believes common people are afraid of complexities of procedures although they are willing to pay income tax.
As a result, NBR has been deprived of due earning every year.
“Now the committee will make the income tax policy time befitting and modern,” a top NBR official said.
Sources said different business organizations and stakeholders demanded simplification of rules during the pre-budget discussion with the Finance Minister. Following their demand, NBR is now going to reform the Income Tax Policy, sources added.
Finance Minister Abul Mal Abdul Muhith directed the committee to make the draft in Bengali so that the common people can easily understand the process, said the source.
The committee is headed by member of NBR, Aminur Rahman.
The other members of the committee are—a representative from FBCCI, President of BCS Association (Taxation), representative from Institute of Chartered Accountants, representative form City Bank NA (Corporate), Associate Professor of Accounting and Information System of Dhaka University Swapan Kumar Bala (Person representative) and Second Secretary of NBR for Income Tax Act and Rules.
First Secretary of income Tax Act and Rules Department was made Member-Secretary of the committee.
Sources said, the committee will prepare a complete draft after identifying the inconsistency in the Income Tax Act.
BDST: 2000 HRS, JULY 22, 2010