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Income Tax Bill-2023 passed

Income Tax Bill-2023 passed

The Income Tax Bill-2023 was passed in the National Parliament (Jatiya Sangsad) on Sunday (Jun 18) replacing the ordinance of 1984 with an aim to make easier the tax management and bring discipline in the economic system. Finance Minister AHM Mustafa Kamal moved the bill and it was passed by voice votes with Speaker Dr Shirin Sharmin Chaudhury in the chair. Opposition lawmakers Fakhrul Imam, Shamim Haider Patwary, Raushan Ara Mannan, Kazi Feroz Rashid and Pir Fazlur Rahman also discussed on the merits and demerits of the proposed bill.

Piloting the bill, the Minister said the income tax management was administered in the Indian subcontinent including Bangladesh under the Income Tax Act of 1922 and then the government formulated the income tax ordinance-1984 by reviewing the act.

The income tax management so far is being administered under the ordinance, he said, adding that the ordinance already has been null and void as per the court verdict. The proposed act will bring discipline in the entire economy and it will also ease the tax impose, realization and management as a whole.

The proposed law will replace the Income Tax ordinance, 1984 as the total tax management system is being administered under the ordinance.

In 2009, the minister said the country’s revenue earning was only Tk 59,000 crore while it has been mobilised up to fourteen times during last 14 years.