Given the continual changes in the global and local economic environment, the proposed Income Tax Act, of 2023, is extremely important for our country. The consequences of this Act will significantly alter the future course of our nation. Since the Act’s release, a wide range of fiscal policies have been intensively discussed and disseminated through various channels, including print periodicals and online media outlets. These channels act as forums for discussion, enabling extensive exchange of ideas and points of view regarding the suggested budgetary changes. The public’s understanding and awareness of the prospective impacts and ramifications of the fiscal decisions being made are significantly shaped by this discourse.
The Bangladeshi government intends to raise the turnover tax from 0.6% to 5% of the total gross receipts for a fiscal year. Given that it is an eight-fold increase over the existing rate, this represents a huge rise. The corporation will be forced to raise prices as a result, which will ultimately result in less demand for the product. Since a sizable amount, 43.75 percent, of overall revenue collection is obtained through VAT and SD, total revenue collection may decrease if demand declines. It is anticipated that the industry’s expansion will be hampered by this tax hike. Visit here to learn more about taxes.
An online tax filing platform, Shapla, can assist you in making the best decisions for yourself. Through the Internet, it enables people and corporations to electronically file their taxes. Filing taxes is made simple, safe, and assured by their software. Shapla is ready to handle all of the tax filing problems in a stress-free manner with the assistance of more than 50 vetted lawyers. If necessary, Shapla also offers free legal consultations with qualified lawyers to each tax filer. Shapla will also help you if you want to obtain your income tax certificate. Visit here to apply for taxes online.