Income Tax Preparation

Income Tax Preparation in Bangladesh

Tax Preparation Service in Bangladesh

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We at LegalSeba.com provides taxation services in Bangladesh with the help of our group of tax practitioners, tax lawyers, income tax practitioners, tax professionals, tax representatives and tax accountants in Bangladesh here to assist you in providing the top-notch taxation services in Bangladesh for the Individuals & SMEs.

The term Tax describes as “a compulsory contribution to state revenue, levied by the government on workers’ income and business profits or added to the cost of some goods, services, and transactions

In the context of Bangladesh, there are several kinds of taxes prevailing, of which principal of them are:

  • Customs Duties
  • Value-Added-Tax (VAT)
  • Supplementary Duty
  • Personal income taxes
  • Corporate income taxes.

Tax rates

What are the current income tax rates for residents and non-residents in Bangladesh?

Residents

For every resident and non-resident Bangladeshi, tax liability is calculated on average rate as follows;

Income tax table for Income Year 2020-2021

Taxable income bracket Tax rate on income in bracket
First 300,000 0%
Next 100,000 5%
Next 300,000 10%
Next 400,000 15%
Next 5,000,000 20%
Rest of the amount 25%

For women and senior persons aged 65 or over, the tax slab starts from = 350000

For a physically challenged person, the tax slab starts from= 450000

For gazetted war-wounded freedom fighters, the tax slab starts from= 475,000

 In case of parent/legal guardian of a physically challenged person, will get a further initial exemption of BDT50,000 in addition to the above limit. In case both the parents are taxpayers of a physically challenged person, anyone one of them will avail the above benefits.

Non-residents

For non-residents other than Bangladeshi non-residents, the tax rate is 30 percent (flat rate) on total taxable income.

Basic Problems which arises during the return filing situation includes, the followings:

  • The complexity of filing the return,
  • Keeping track of information with the previous year’s return
  • Procedural issues regarding submission of the return in tax circle office etc.

We suggest people who are facing complexity during filing a return to take help from professionals regarding the issue. This will enable an assessed person to formulate return with correct and accurate amounts which will also ensure less possible future problems which can be raised regarding return filings.

Everybody should file his/her return in time to avoid any fines and penalties that may arise for late submission or tax avoidance of any type, be an assessee being a company or a person himself.

Taxation at a Glance

In Bangladesh, Taxation service has become one of the critical and complex compliance issues for business organization in Bangladesh. Tax levy and the imposition is changed almost every year by the promulgation of the Finance Act.  Generally, taxation services in Bangladesh is governed by the Income Tax Ordinance 1984.

As a result, several tax problems arise owing to tax debts in Bangladesh and the same can easily be resolved with the help of our taxation services in Bangladesh. If any business organization fails to comply with prevailing taxation rules, they have to face severe pecuniary measures. But sometimes they cannot handle a difficult taxation situation due to their confusion and misunderstanding of the law.

To keep up with the changes of compliances of Bangladesh Income Tax, multinational corporations will need to have stable in-house resources to be able to manage additional requirements and responsibilities towards taxation and ensuring the same is our ultimate goal through taxation services in Bangladesh. They will also need to assess their systems to ensure that they can meet new requirements for multijurisdictional reporting.  LegalSeba.com is providing advice or acting as agents or principal on behalf of different 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 are coming from different types of professional background such as Chartered Accountants, Cost and Management Accountants (CMA), Income Tax Practitioners (ITP), Advocates, Retired government income tax officers. LegalSeba.com has a mix of all these profession in order to provide the best taxation services to our wide range of clients.


Taxation services in Bangladesh and LegalSeba.com

LegalSeba.com has vast experience in the field of Bangladesh taxation, and has been providing quality service with an accurate timely fashion to its clients. Some of our taxation services in Bangladesh amongst other involves:

  1. Assisting clients for transfer pricing issues.
  2. Assisting client in assessing their business tax in Bangladesh.
  3. Income tax planning as per the taxation laws of Bangladesh.
  4. Assisting clients to face National Board of Revenue audits.
  5. Filing tax returns of the clients.
  6. Obtaining Federal Tax ID/ Taxation Identification number in Bangladesh.
  7. Preparation of tax return according to the prevailing income tax laws in Bangladesh.
  8. Filing late tax returns.
  9. Filing amended tax returns.
  10. Advising clients on income tax.
  11. Income Tax Appeals.
  12. Representing clients before the department of taxation.
  13. Regular taxation compliance:
  • Monthly return on Tax deducted at source
  • Quarterly return on foreign remittance, quarterly report on accounts
  • Biesnnial (Six monthly) report on withholding tax
  • Annual Income tax return, audit report and accounts preparation
  • Other statements and reporting regulations asked by various organizations (ex. BIDA, RAJUK, NBR, BANKING INSTITUTIONS ETC.) time to time.

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