‘Income Tax Bill introduces investment-friendly features’

Income Tax Bill has been drafted in Bangla and has been designed to simplify and bring transparency to the taxation system, introducing a host of business and investment-friendly features.

The observations came at an event hosted by SMAC Advisory Services Ltd at a city hotel on Sunday highlighting the salient features of the new Income Tax Act, 2023 and Finance Bill, 2023.

The event aimed to provide valuable insights into the significant changes in the tax landscape of Bangladesh and its implications for businesses and the national economy.

The new Income Tax Act, 2023 was placed in Parliament, marking a monumental milestone for Bangladesh as it receives an updated income tax act after 101 years.

The presentation and discussion meeting, organised by SMAC Advisory Services Ltd, witnessed esteemed guest speakers who shared their expertise and insights with the attendees. The event began with opening remarks from Zareen Mahmud Hosein, FCA, Director of SMAC Advisory Services Ltd, who set the stage for the informative session.

Snehasish Barua, FCA, as Director of SMAC Advisory Services Limited, who was also a member of the review committee of the new tax act, delivered a comprehensive technical presentation highlighting the changes introduced through the new act and Finance Bill. He discussed various issues of its simplicity and transparency, automation and reduction of the discretionary power of the authority, incorporation of international best practices, withholding and personal tax along with shedding light on the benefits and challenges associated with the new act.

Following the technical session, a panel discussion took place, featuring industry leaders, economists, chamber leaders, and journalists. Notable guest speakers included Naser Izaz Bijoy, CEO of Standard Chartered Bank Bangladesh, Md. Farid Uddin and Md. Alamgir Hossain, both retired members of the National Board of Revenue, and Apurba Kanti Das, another retired member of the National Board of Revenue.

During the panel discussion, Naser Izaz Bijoy commented on the pros and cons of the new Income Tax Act, 2023 centering the foreign direct investment in the country, while Md. Alamgir Hossain shared insights on the simplifications of the taxation systems, increased transparency and tax net of the country.

He also pledges commitment to incorporate the feedback from the stakeholders if necessary.

Farid Uddin highlighted that the proposed finance bill incorporated timely changes to the VAT & SD Act, 2012 to remove ambiguities in certain provisions.

Sukanta Bhattacharjee, FCA, Director of SMAC Advisory Services Limited gave the concluding remarks of the event thanking 200 guests who were present in the event and the team who made it possible to organize the event successfully.

And at the end, it was pledged that a list of recommendations will be sent to the NBR, ministry and other relevant authorities where changes or amendment are required on the basis of feedback received from different stakeholders.