ICSFDC News Alerts

Bangladesh: Misuse of tax benefits by fish, poultry businesses continues unabated by Jasim Uddin July 01,2020   |  Source: New Age BD

Misuse of tax benefits given to fish and poultry sectors has continued unabated due to lack of proper mechanism of the National Board of Revenue to crosscheck the income shown by the taxpayers from the sectors. Tax officials said that they used to express their inability to check the misuse of the benefits given to the sectors without conditions or setting crosschecking mechanism against taxpayers’ claim of income from the sectors.

Taxpayers do not require submitting any effective document or proof against income from the sector, they said. The NBR first in 2013 offered the concession against income from fish and poultry sectors and later in early 2015 withdrew the facility following misuse of the benefit. The tax administration in July, 2015 reintroduced the tax benefit upon pressure from influential groups of people and offered concession against income from the sectors. According to the NBR, income up to Tk 20 lakh from the sectors is completely tax-free while taxpayers pay only 5 per cent tax on income worth Tk 10 lakh after Tk 20 lakh tax-free limit and 10 per cent income tax on the remaining income.

The regular tax rate for companies is 35 per cent for non-listed companies, 25 per cent for listed companies and for individuals the rate ranges from 10 per cent to 30

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Years in Support of Small Scale Fishworkers (1986 - 2018)