...Term Paper on Taxation A tax holiday is a temporary reduction or elimination of a tax. Governments usually create tax holidays as incentives for business investment. The taxes that are most commonly reduced by national and local governments are sales taxes. In developing countries, governments sometimes reduce or eliminate corporate taxes for the purpose of attracting Foreign Direct Investment or stimulating growth in selected industries. Tax holiday is given in respect of particular activities, and sometimes also only in particular areas with a view to develop that area of business. A government incentive program that offers a tax reduction or elimination to businesses. Tax holidays are often used to reduce sales taxes by local governments, but they are also commonly used by governments in developing countries to help stimulate foreign investment. If, in the midst of sorting receipts and studying the latest changes in the US income tax laws, you suddenly wonder "What is the origin of this annual ritual in the weeks leading up to April 15th?" here are some places you can go for answers. The origin of the income tax on individuals is generally cited as the passage of the 16th Amendment, passed by Congress on July 2, 1909, and ratified February 3, 1913; however, its history actually goes back even further. During the Civil War Congress passed the Revenue Act of 1861 which included a tax on personal incomes to help pay war expenses. The tax was repealed ten years later. However...
Words: 4636 - Pages: 19
...ASSIGNMENT For The Partial Fulfillment of the Course, COURSE: TAXATION (ACN-4135) SUBMITTED TO, PROF. DR. SWAPAN KUMAR BALA, FCMA SUBMITTED BY, ISMAT JERIN CHETONA ID-111083068 SEC: B UNITED INTERNATIONAL UNIVERSITY DATE OF SUBMISSION: 31st DECEMBER, 2011 CORPORATE TAXATION IN BANGLADESH FISCAL ENVIRONMENT OF STOCK MARKET IN BANGLADESH FISCAL ENVIRONMENT OF STOCK MARKET IN BANGLADESH The share market in a country is the engine of raising capital, which accelerates industrialization and the process of privatization. Share market means the share and stock markets of the country. It is a market for long term fund. With the emergence of the need for infrastructural development projects, for setting up of new industries for entrepreneurial attempts-now there are more frequent needs of funds. Participants in the share market are many. They include the commercial banks, saving and loan associations, credit unions, mutual saving banks, finance houses, finance companies, merchant bankers, discount houses, venture capital companies, leasing companies, investment banks & companies, investment clubs, pension funds, stock exchanges, security companies, underwriters, portfolio-managers, and insurance companies. The main market participants are: ▪ Investors ▪ Brokers ▪ Dealers ▪ Underwriter ...
Words: 5585 - Pages: 23
...TRANSMITTAL 04th April 2007 Ms.Rehana Fowzia (Lecturer) Department of Business Administration Stamford University Bangladesh Subject: Submission of report on ‘Ascertain the position of cannons of taxation in tax system of Bangladesh’. Dear Ms.Rehana Fowzia madam We are pleased to submit this report on “‘Ascertain the position of cannons of taxation in tax system of Bangladesh’ for particular fulfillment of BBA Degree. This research program was taken by the help of ‘Three tax system of Bangladesh’, written by M.A. Akkas & ‘Income Tax’ written by Mahmud, Purohit, Bhattacharjee. Here is the report on the observational study of ‘Tax System Of Bangladesh’ you asked us to conduct last month. We honestly believe that this report will fulfill the requirements of the project report for BBA, which will help us a lot to gain sufficient knowledge about the ‘Tax System Of Bangladesh’. We appreciate having this assignment. If you should need any assistance in interpreting this report or in implementing our recommendations, atuddin_mezbah@yahoo.com, Contact No. 01718330355 Sincerely, 01. Mezbah Uddin Ahamed BBA02707126 02. Subbir Ahmed BBA02707121 03. Md. Mahmud Hossain BBA02707154 04. Subroto Biswas BBA02707125 05. Shamol Kanti Sarkar BBA02707112 06. Md. Mahfujul Alam BBA02707153 Program: BBA, Batch: 27 (J), Stamford University Bangladesh. please contact us ACKNOWLEDGEMENT Education involves not only reading books and doing exercises...
Words: 4434 - Pages: 18
...period of time, we enjoyed the study of tax system of Bangladesh in various aspect of tax. First of all, we are indebted to our guide teacher Ms.Rehana Frowzier Lecturer, Department of Business Administration, Stamford University Bangladesh. His views, suggestions save us from more difficulties. We are also grateful to our group members’ most valuable cooperation, inspiration and suggestions. EXECUTIVE SUMMARY This dissertation report highlights on our practical experience in different types and categories ‘Tax System’ especially Tax System Of Bangladesh. During our short working period, we tried to gather information from News Paper, web sites. But the NBR does not provide information in the web site directly and even it does not publish tax structure implement in Bangladesh. So, we take much information about tax in our personal concept and view of Tax System of Bangladesh. To complete this report, we have gained practical knowledge about various type of Tax System. For example, Tax System Of Bangladesh, canon of taxation and implementation the canon of Bangladesh in Tax System Of Bangladesh. In this way, we are getting knowledge not only the tax system but also the implementation of canon on tax system of Bangladesh. As, tax is an important part of our country development. so, day by day, people are getting more conscious and informed about tax. Object of this study We can gain knowledge about the tax system of Bangladesh by studying this topic. As following aspects of tax...
Words: 3647 - Pages: 15
...appropriate since it subsumes real property as well as all new forms of assets in a modern society. Upon reviewing literature and practices in other countries, this paper adheres to the term wealth for all subsequent discussion. Literature Review: For the purpose of the study on the impact of property tax on enterprise development, sources of data and other information on regulatory framework initially used include: the constitution of Bangladesh, various statutes under which property taxes are imposed and collected, the annual reports of the National Board Revenue (NBR), the apex tax authority in Bangladesh, relevant fiscal policy documents of the Government of Bangladesh such as the Report of the Taxation Enquiry Commission (1979) and the Report of the Revenue Reform Commission (2003), the World Bank’s An Agenda for Tax Reform (December 1989) for Bangladesh and the IMF’s Tax Policy Handbook (Shome 1995). For literature purpose, available research publications have been consulted. There are three types of land-related property taxes in Bangladesh – one local tax (holding tax) and two other central taxes (land development tax and...
Words: 889 - Pages: 4
...Income Tax Law Income Tax Law and the National Budget 2010-2011 Md. Abdur Rashid, FCMA B.Com. (Hons.), M.Com., DAIBB, LLB, FCMA Income Tax Law explain changes in tax struc-ure of an economy over time under t the impact of economic development and of political and social factors. Tax structure is affected by economic development in three ways: (a) tax base undergoes a change as the develop- ental process m proceeds; (b) change in the tax base brings about changes in the revenue system: and (c) economic development leads to changes in the objectives of tax policy. Bangladesh Government collects taxes on account of custom duty, sales tax, value added taxes, excise duty, cess, fees, fines, penalties, income tax, advalorem duty, etc. It appears that to fulfill the objectives of tax policy the Government every year brings some changes in various tax laws to collect more taxes on the basis of above tax structure. be established for those items to repair or servicing and thus to reduce the unemployment problems in the country. National Budget Every year before preparing National Budget the National Board of Revenue holds series of meetings with various trade bodies, trade associations, groups of people, various academic and professional Institutions. It seems that this year the discussions have been held on various scopes and opportunities of collecting more taxes. The discussions, of course, have been held in various dimensional scopes. In such a meeting organized by Management...
Words: 1863 - Pages: 8
...“TAX EVASION & AVOIDANCE - A REAL PROBLEM FOR BANGLADESH” INTRODUCTION: Tax evasion and avoidance are both phenomena that are probably as old as taxation itself. Wherever and whenever authorities decide to levy taxes, individuals and firms try to avoid paying them. Though this problem has always been present, it becomes more pressing in the course of globalization as this process extends the range of opportunities to dodge taxation while simultaneously reducing the risk of being detected. Developing and emerging countries like Bangladesh are particularly vulnerable to tax evasion and avoidance activities of individual taxpayers and corporations. While tax revenues in OECD-countries are almost 35 per cent of GDP ,in case of Bangladesh it is only around 10%.This can be considered one of the primary reasons for large differences in the ability to mobilize own resources between developed and developing countries. Tax evasion and tax avoidance is a great problem in our country. In Bangladesh there are many individual taxpayers and corporations who are evading or avoiding tax. As a result government’s developments activities are hampered. So, we should know about the tax evasion and tax avoidance and thereby its preventives measures. For development of a country government needs to create infrastructure and invest in various sectors. For this activities government needs founds and tax revenue is the main source for the purpose. But due to tax evasion and tax avoidance government’s...
Words: 5263 - Pages: 22
...STRUCTURE, ADMINISTRATION OF VAT IN BANGLADESH WITH SPECIAL REFERENCE TO EVASION CONTROL AND MEASUREMENT OF VAT POTENTIAL DR. RAFIQUL ISLAM First Secretary VAT : Policy National Board of Revenue Government of Bangladesh. (The author acknowledges special thanks to Mr. Saiful Islam Khan, Member (VAT), NBR for his constant guidance in preparing this article. Dr. Mahesh C. Purohit, Professor of National Institute of Public Finance and Policy, New Delhi, India was kind enough to comment on the initial draft which helped to improve it. However, the views expressed in the article are of the author and do not necessarily reflect any opinion of the organisation he serves) Taxing Our Patience Communication is all about people being able to understand each other. Except when it comes to Government forms and directives. That's when middle brained civil servants are in a class of their own. The following is in latest example which arrived in employer's offices courtesy the Inland Revenue : "Errors on form P38A (1992). Form P38A (1992) was enclosed with the form P35 (Employer's annual return) sent to you in late January / early February. We apologise for the fact that Form P38A contained the following two errors. 1. Question No. 1 of the check list on Form P35 says you should complete form P38A if you answer 'No' to this question. However, Form P38A itself asks you to complete it if you answered 'Yes' to Question 1 on the form P35. 2. On form P38A Question 3 asks 'Was the worker paid less...
Words: 9779 - Pages: 40
...“TAX EVASION & AVOIDANCE - A REAL PROBLEM FOR BANGLADESH” INTRODUCTION: Tax evasion and avoidance are both phenomena that are probably as old as taxation itself. Wherever and whenever authorities decide to levy taxes, individuals and firms try to avoid paying them. Though this problem has always been present, it becomes more pressing in the course of globalization as this process extends the range of opportunities to dodge taxation while simultaneously reducing the risk of being detected. Developing and emerging countries like Bangladesh are particularly vulnerable to tax evasion and avoidance activities of individual taxpayers and corporations. While tax revenues in OECD-countries are almost 35 per cent of GDP ,in case of Bangladesh it is only around 10%.This can be considered one of the primary reasons for large differences in the ability to mobilize own resources between developed and developing countries. Tax evasion and tax avoidance is a great problem in our country. In Bangladesh there are many individual taxpayers and corporations who are evading or avoiding tax. As a result government’s developments activities are hampered. So, we should know about the tax evasion and tax avoidance and thereby its preventives measures. For development of a country government needs to create infrastructure and invest in various sectors. For this activities government needs founds and tax revenue is the main source for the purpose. But due to tax evasion and tax avoidance government’s...
Words: 5263 - Pages: 22
...“TAX EVASION & AVOIDANCE - A REAL PROBLEM FOR BANGLADESH” INTRODUCTION: Tax evasion and avoidance are both phenomena that are probably as old as taxation itself. Wherever and whenever authorities decide to levy taxes, individuals and firms try to avoid paying them. Though this problem has always been present, it becomes more pressing in the course of globalization as this process extends the range of opportunities to dodge taxation while simultaneously reducing the risk of being detected. Developing and emerging countries like Bangladesh are particularly vulnerable to tax evasion and avoidance activities of individual taxpayers and corporations. While tax revenues in OECD-countries are almost 35 per cent of GDP ,in case of Bangladesh it is only around 10%.This can be considered one of the primary reasons for large differences in the ability to mobilize own resources between developed and developing countries. Tax evasion and tax avoidance is a great problem in our country. In Bangladesh there are many individual taxpayers and corporations who are evading or avoiding tax. As a result government’s developments activities are hampered. So, we should know about the tax evasion and tax avoidance and thereby its preventives measures. For development of a country government needs to create infrastructure and invest in various sectors. For this activities government needs founds and tax revenue is the main source for the purpose. But due to tax evasion and tax avoidance government’s...
Words: 5264 - Pages: 22
...Journal of Bangladesh Institute of Planners Vol. 2, December 2009, pp. 126-135, © Bangladesh Institute of Planners ISSN 2075-9363 Problems and Prospects of Municipal Holding Taxation System: A Study on Bhairab Pourashava Md. Samiul Huda* Muhammad Rashidul Hasan** Abstract Local governments in Bangladesh have several options at hand to finance their activities and pursue their fiscal policy. These options include the imposition of taxes and the generation of non-tax revenues through fees, levies, cost recovery and user charges, property and investment income, domestic and foreign borrowing, the sale of assets and domestic and foreign grants. Urban Local Governments (ULGs) in developing countries are in dire need of resources not only for investment to meet the increasing demand of growing urban population but also for maintenance of the existing services. But the resources of the municipal bodies are inadequate; infrastructures are in poor condition and services maintenance is neither enough nor would cover the new expansions. Inefficient governance of the municipal bodies is partly responsible for this. Holding tax plays an important role in own revenue of Pourashavas. About 35-45% revenue comes from holding tax. But in Bhairab Pourashava it contributes only 18-20%. Every year, its demands and collection are decreasing. Many factors are responsible for this. This study tries to find out the problems of holding tax collection and assessment. Pourashava requires to pay more...
Words: 4087 - Pages: 17
...STRUCTURE, ADMINISTRATION OF VAT IN BANGLADESH WITH SPECIAL REFERENCE TO EVASION CONTROL AND MEASUREMENT OF VAT POTENTIAL DR. RAFIQUL ISLAM First Secretary VAT : Policy National Board of Revenue Government of Bangladesh. (The author acknowledges special thanks to Mr. Saiful Islam Khan, Member (VAT), NBR for his constant guidance in preparing this article. Dr. Mahesh C. Purohit, Professor of National Institute of Public Finance and Policy, New Delhi, India was kind enough to comment on the initial draft which helped to improve it. However, the views expressed in the article are of the author and do not necessarily reflect any opinion of the organisation he serves) Page # 2 Taxing Our Patience Communication is all about people being able to understand each other. Except when it comes to Government forms and directives. That's when middle brained civil servants are in a class of their own. The following is in latest example which arrived in employer's offices courtesy the Inland Revenue : "Errors on form P38A (1992). Form P38A (1992) was enclosed with the form P35 (Employer's annual return) sent to you in late January / early February. We apologise for the fact that Form P38A contained the following two errors. 1. Question No. 1 of the check list on Form P35 says you should complete form P38A if you answer 'No' to this question. However, Form P38A itself asks you to complete it if you answered 'Yes' to Question 1 on the form P35. 2. On form P38A Question 3...
Words: 9779 - Pages: 40
... Syllabus Department of Management Detailed Syllabus Second Year Four-Year B.B.A. (Honours) Course Effective from the Session : 2009–2010 National University Syllabus for 4 years B. B. A. Honours Course Subject : Management Second Year (Honours) |Subject Code |Subject Title |Marks |Credit | | |Business Communication and Report Writing (In English) |100 |4 | | |Computer and Information Technology |100 |4 | | |Taxation in Bangladesh |100 |4 | | |Business Statistics (In English) |100 |4 | | |Macro Economics |100 |4 | | |Human Resource Management |100 |4 | | |Viva-Voce |100 |4 | | |Total = ...
Words: 2520 - Pages: 11
...Term Paper for BBA (Hon’s) Second year course Department of Management Sherpur Govt. College, Sherpur. Topic: “Accounting Aspect of VAT in Bangladesh.“ Submitted by: Sadhan Krisna BarmanExam. Roll No: 9823502 Registration No : 1806089 Session: 2010-2011 BBA (Hon’s) Second year Class Roll No : 847 Sherpur Govt. College,Sherpur. Date of Submission : February 02, 2014 Chapter Particulars Page No Letter of Transmittal i Preface ii Abstract iii Acknowledgement iv Chapter: 1 1. Introduction 1 Chapter: 2 2.1 Objectives of the Article 2 2.2 Tax System in Bangladesh 2 2.3 Introduction of VAT in Bangladesh 4 Chapter : 3 3.1 Features of VAT in Bangladesh 7 3.2 Efficiency and Productivity of VAT 8 Table 1 : Tax/GDP ratio and various taxes as a percentage of total tax revenues 9 Table 2: VAT as part of Bangladesh tax system: 10 Table for 2002/03-2007/08 based on data 10 Table 3: VAT’s efficiency 11 Chapter: 4 4.1 Reforms in Bangladesh’s VAT 13 4.2 Implementation Problems 14 4.3 Services: 15 4.4 Improving Taxpayer Compliance: 16 4.5 Review of Compliance Concessions: 16 4.6 Recommendations 17 Chapter: 5 5.1 Conclusion 19 Reference: 20 Chapter-1 1. Introduction The origin of Value Added Tax (VAT) can be traced as far back as the writings of F Von Siemens, who proposed it in 1918 as a substitute for the then newly established German turnover tax. Since then numerous economists have recommended it in different...
Words: 6094 - Pages: 25
...Chittagong, Bangladesh. Ex-Asst. Professor, FBA, USTC ; Ex-Lecturer, AUB, Dhaka. And CEO, Corporate Trainer and Consultant (CTC), Chittagong, Bangladesh. UK Experiences: Adjunct Faculty of BRIT College, London Ambassador College and Nelson College. SUBMITTED BY GROUP D Group Profile| SERIAL NO.|NAME DETAILS|CLASS ID|E-MAIL ID| 01|SHAMIN JAHAN SHAWN|09303020|shahjahanh53@gmail.com[->0]| 02|JEWEL SHIL|09303036|takenfromlife@ymail.com[->1]| 03|TAMA SAHA|09303050|tama_cu@yahoo.com[->2]| 04|KUSHUM AKTER SOMA|09303056|Kushumsoma@yahoo.com[->3]| 05|DIPA BARUA|09303060|| 06|SHAMIM AKTHER|09303063|Shamim_cufb_17@yahoo.com| 07|HERO AKTER|09303085|hiruakter@gmail.com[->4]| 08| K. A.M. ATAUL ISLAM|09303111|hassanmrhridoy@ gmail.com| 09|MOHAMMAD JAMIR UDDIN |09303113|Jamir_cu@yahoo.com[->5]| 10|MEJBAH UDDIN AHMED|09303118|mejbah118@gmail.com[->6]| 11|BIBI JOYNUB CHOWDHURANI|09303126|| CONTENTS Chapter -1| Introductory Part| 1.1 Introduction1.2 Aims and Scope of the study1.3 Methodology of the study1.4 Vision of the study1.5 Limitations of the study| Chapter -2| Income Tax Background| 2.1 History of Income Tax2.2 Importance of Income Tax2.3 Drawback of Income Tax| Chapter -3| Tax System of Bangladesh| 3.1 Salient features of Bangladesh Tax system.3.2 Base of Income Tax.3.3 Growth, Trends and Revenue structure of Bangladesh.3.4 Steps in calculating Income Tax| Chapter -4| Over view of revenue system of Bangladesh| 4...
Words: 13801 - Pages: 56
