Income Tax and VA

In Bangladesh, income tax and value-added tax (VAT) are regulated by separate laws. Here is an overview of the key laws related to income tax and VAT in Bangladesh:

Income Tax:

1. Income Tax Ordinance, 1984: This ordinance is the primary legislation governing income tax in Bangladesh. It provides the legal framework for the assessment, collection, and administration of income tax. It outlines the tax rates, rules for determining taxable income, exemptions, deductions, and filing requirements.

2. Finance Acts: The government introduces Finance Acts each fiscal year to amend and update income tax provisions. These acts incorporate changes in tax rates, tax incentives, and other amendments to the Income Tax Ordinance.

3. Income Tax Rules: The Income Tax Rules provide detailed regulations and procedures for the implementation of the Income Tax Ordinance. They cover aspects such as tax return filing, tax deduction at source, tax appeals, and assessments.

Value Added Tax (VAT):

1. Value Added Tax and Supplementary Duty Act, 2012: This act establishes the legal framework for VAT and supplementary duties in Bangladesh. It outlines the registration requirements, VAT rates, exemptions, filing and payment procedures, and the powers and functions of the VAT authority.

2. Value Added Tax and Supplementary Duty Rules, 2016: These rules provide detailed regulations and procedures for the implementation of the VAT Act. They cover various aspects, including registration, invoicing, accounting, reporting, refunds, and audits.

3. Finance Acts: Similar to income tax, the government introduces Finance Acts each fiscal year to amend and update the VAT provisions. These acts may incorporate changes in VAT rates, exemptions, thresholds, and other amendments to the VAT law.

It's important to note that