Essay on contribution of income tax in upliftment of the poor
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Income Tax Essay
1859 Words Feb 23rd, 2014 8 Pages
Show MoreIncome 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 …show more content…
The committee recommended introduction of tax card in red, blue, yellow, violet and other colours for very big, big, medium, small and very small amount taxpayers wherein the cardholder taxpayers and their family members might be provided with different non-cash benefits such as admission to hospitals and schools and extra services while using airports. The Government should fix high taxes on the number of cars’ number plates as to that if a car owner wishes to have the number 1 in the car’s number plate he will have to pay more. The DCCI opined that an industry friendly environment and development of small and medium enterprises (SME) are important to attain the economic development target of Bangladesh and for that reason the taxation system should be friendlier towards local industries. It is understood and heard from the opinions and suggestions expressed by various concerned authorities that some major changes are going to be incorporated in the Income Tax Ordinance, 1984 through enactment of Finance Act, 2010. Like other authorities and associations the Institute of Cost and Management Accountants of Bangladesh has also suggested some changes in the above Ordinance.