Tax preparation service in Bangladesh 2023
Tax preparation service in Bangladesh 2023
Many companies provide Taxation Services in Bangladesh with the help of Tax Practitioners, Tax Lawyers, Income Tax Practitioners, Tax Professionals, Tax Representatives, and Tax Accountants to help you provide the best taxation services. For individuals and SMEs in Bangladesh.
Tax information provider company in Bangladesh
- bdlclegal.com
- counselslaw.com
- kpmg.com
- legalseba.com
The term tax describes it as "a compulsory contribution to state revenue, levied by the government on the income of workers and business profits or added to the cost of certain goods, services and transactions".
There are various types of taxes prevalent in the context of Bangladesh, the main ones being:
- Import - Export Duty
- Value Added Tax (VAT)
- Supplementary duty
- Personal income tax
- Corporate income tax.
- tax rate
What is the current income tax rate for residents and non-residents in Bangladesh?
Residents:
For every Resident and Non-resident Bangladeshi, the tax liability is calculated at the average rate as follows below;
Income Tax Table for Income Year 2020-2021
Taxable Income Brackets Tax rates on income in brackets
- First 300,000 0%
- 5% on the next 100,000
- Next 300,000 10%
- Next 400,000 15%
- Next 5,000,000 20%
- 25% of the remaining amount
For women and senior citizens aged 65 years and above, the tax slab starts from = 350000
For physically challenged persons, the tax slab starts from = 450000
Tax slab for gazetted war casualties starts at = 475,000
Case parent/legal guardian of a physically challenged person will get a further initial deduction of BDT 50,000/= in addition to the above limit. If both parents are taxpayers of a physically challenged person, either of them will get the above benefits
Non-resident
For non-residents other than Bangladeshi non-residents, the tax rate on total taxable income is 30% (flat rate).
Basic issues that arise during return filing situations include the following:
Complications of return filing,
Keeping track of information with previous year returns
Procedural issues related to return filing at Tax Circle Office etc.
Those facing complications while filing returns are advised to seek professional help regarding their issues. This will enable an assessee to prepare a correct and accurate amount of return which will also ensure fewer possible future problems related to return filing.
Everyone should file his return on time, be it an assessee, a company, or an individual himself, and avoid any fines and penalties for late submission or tax evasion of any kind.
Taxation at a Glance:
In Bangladesh, taxation services have become a complex and complex compliance problem for business entities. Tax levies and levies are changed almost every year by the promulgation of Finance Acts. Generally, tax payment services in Bangladesh are regulated by the Income Tax Ordinance 1984.
As a result, several tax issues arise due to tax debt in Bangladesh and these can be easily resolved with the help of our taxation services in Bangladesh. Businesses that fail to comply with the prevailing tax norms face severe financial penalties. But sometimes they cannot handle a difficult tax situation due to their confusion and misunderstanding of the law.
To keep up with the changes in Bangladesh Income Tax compliance, multinational corporations need to have stable internal resources to be able to handle additional tax requirements and responsibilities and their ultimate goal is to ensure that through taxation services in Bangladesh.
They will need to evaluate their systems to ensure they meet the new multijurisdictional reporting requirements. That company is acting as agent or principal on behalf of various business clients with the help of our Tax Attorneys, Tax Lawyers, Income Tax Attorneys, Income Tax Practitioners, Tax Professionals, Tax Representatives, and Tax Accountants.
In Bangladesh, tax consultancy service providers come from various professional backgrounds such as Chartered Accountants, Cost and Management Accountants (CMA), Income Tax Practitioners (ITP), Advocates, and Retired Government Income Tax Officers. That company has a mix of all these professions to provide the best taxation services to their clients.
Taxation Services in Bangladesh
That company has extensive experience in the field of taxation in Bangladesh and has been providing quality services to its clients in a timely fashion. Some of our taxation services in Bangladesh include:
- Assisting clients with transfer pricing issues.
- Assisting customers in their business tax assessment in Bangladesh.
- Income tax plan as per tax law of Bangladesh.
- Assisting clients to face National Board of Revenue audits.
- Filing tax returns of the clients.
- Getting Federal Tax ID/ Taxation Identification Number in Bangladesh.
- Preparation of tax returns according to the familiar income tax laws in Bangladesh.
- Filing late tax returns.
- Filing amended tax returns.
- Advising clients on income tax.
- Income Tax Appeals.
- Representing clients before the Department of Taxation.
- Regular taxation compliance:
- Monthly return on Tax deducted at source
- Quarterly return on foreign remittance, a quarterly report on accounts
- Biennial (Six monthly) report on withholding tax
- Annual Income tax return, audit report, and accounts preparation
- Other statements and reporting regulations are asked by various organizations (for example. BIDA, RAJUK, NBR, and BANKING INSTITUTIONS) from time to time.
