LETTER OF TRANSMITTAL

November, 2024
Farhana Rahman Sumi
Assistant professor
Faculty of Business Studies
University of information technology and sciences

Subject: Submission of Term Paper on “Tax structure of Bangladesh”

Dear sir,
Here is the term paper that we have prepared in order to complete the course of Auditing and
Taxation ATC 411 from Section: A, Department of Business of business studies. The term paper
has been prepared on “Tax structure of Bangladesh”, which we have attached with this letter.

The letter of transmittal serves as a formal introduction to the term paper on the tax structure in
Bangladesh. It highlights the importance of understanding the tax system in the country, which
plays a crucial role in revenue generation and economic development. The letter outlines the
purpose of the paper, which is to analyze the current tax framework, its effectiveness, and the
challenges faced by the government in tax collection and compliance. It expresses gratitude to the
readers and mentors for their support and guidance throughout the research process. The letter also
emphasizes the need for continuous reform in the tax system to enhance efficiency and equity,
ensuring that it meets the needs of a growing economy.

We hope that you would kindly approve this term paper.

Sincerely,
Ataur Rahman Shihab
Fatema Akter
Shourav Ghosh
Mahmud Hossain Alvi
Swachcha Wadud
 ACKNOWLEDGEMENT

Firstly, we would like to express our gratitude towards our family, without whose constant
support, we would not be able to complete this term paper on time.

Secondly, we would like to thank Assistant professor Farhana Rahman sumi, course instructor
of Auditing and Taxation ATC 411, for her immense cooperation throughout the semester,
whose guidance and support has been an utmost privilege.

And lastly, we are grateful for the opportunity to have been able to work together as a team,
which has been an amazing experience all throughout.
 EXECUTIVE SUMMARY

This term paper explores the tax structure in Bangladesh, covering direct and indirect taxes
and their role in the nation’s economic framework. The paper highlights how direct taxes
such as income tax, corporate tax, and capital gains tax impact individuals and corporations,
while indirect taxes like VAT, customs duties, and excise duties affect consumer prices and
generate significant revenue for the government. Both tax categories support critical public
services, including healthcare, education, and infrastructure.
The National Board of Revenue (NBR) plays a pivotal role in tax collection, yet challenges
such as tax evasion, a narrow tax base, and administrative inefficiencies hinder optimal
revenue generation. Issues include a high level of informality in the economy, corruption, and
a lack of digital infrastructure, which collectively lead to low compliance rates. Recent
reforms, including digital tax filing and incentives for foreign investment, are assessed for
their impact on revenue and compliance improvements.
The paper also addresses the socioeconomic objectives of taxation, which go beyond revenue
collection to encompass reducing income inequality, promoting economic growth, controlling
consumption, and protecting local industries. Specific reforms and tax holidays aim to foster
economic development, attract investment, and simplify tax obligations for small businesses
and individuals. Lastly, the paper provides recommendations for further reforms to build a
more inclusive, efficient, and transparent tax system, ultimately supporting sustainable
economic growth and social progress in Bangladesh.

Table of Contents
1. INTRODUCTION........................................................................1
2. REVENUE AND TAX STRUCTURE OF BANGLADESH.....1
2.1. Revenue structure....................................................................2
3. TYPES OF TAXES AND THEIR PURPOSES..........................4
3.1. Types of taxes...........................................................................4
3.2. Purposes or objectives of taxation..........................................6
3.3. Tax rate in Bangladesh Recent time and upcoming.............6
Tax on capital gains from trust-funds.............................................8
Audit exemption.............................................................................8
No source tax for the Heba deed....................................................9
3.4. Tax rebate.................................................................................9
Tax holiday...................................................................................10
Major Areas for Final Settlement of Tax Liability in Bangladesh10
4. CONCLUSION...........................................................................11
Reference...........................................................................................11
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1. INTRODUCTION
The tax structure in the country consists of both direct (income tax, gift tax, land
development tax, non-judicial stamp, registration, innovation property tax, etc.) and indirect
tax (customs tax, excise duty. Moto vehicle tax, narcotics and liquor duty, VAT, SD, foreign
travel tax, TT, electricity duty, advertisement tax, etc.) taxes. Analysis of revenue collection
activities in Bangladesh for fiscal year 2022-2023 reveals that tax revenue targeted for 89.61
percent of government revenue as per revised budget of which NBR taxes represent around
85.45 percent of total revenue.
The objective of this term paper is to provide an in-depth analysis of the tax structure of
Bangladesh, with a focus on its composition, effectiveness, and the broader economic
implications. Taxation forms the backbone of public finance, enabling the government to
mobilize resources for essential services such as healthcare, education, infrastructure
development, and social welfare programs. The paper will explore the different types of taxes
levied in Bangladesh, including direct taxes such as income tax and corporate tax, and
indirect taxes such as Value Added Tax (VAT), customs duties, and excise duties. By
analyzing these components, the paper aims to offer insights into how the country’s tax
system supports revenue generation and economic stability.
In addition, the paper will assess the administrative framework of the tax system,
particularly the role of the National Board of Revenue (NBR) in managing tax collection
and enforcement. This includes a discussion of the challenges related to tax evasion,
compliance issues, and the relatively narrow tax base in Bangladesh, where a large portion of
the economy remains informal and untaxed. The paper will also delve into the structural
inefficiencies within the tax administration, including issues of corruption, lack of digital
infrastructure, and limited public awareness about tax obligations, all of which contribute to
low tax compliance.
Furthermore, this term paper will critically examine the impact of recent tax reforms, such
as efforts to digitalize tax filing and introduce tax incentives to attract foreign investment. It
will evaluate whether these reforms have been successful in increasing revenue and
expanding the tax base. A comparative analysis with the tax systems of neighbouring
countries, such as India and Pakistan, will provide context for Bangladesh’s performance in
terms of tax-to-GDP ratio and the overall efficiency of its tax administration.
Through this analysis, the paper will emphasize the significance of a robust tax structure in
promoting sustainable economic growth, reducing income inequality, and advancing the
country’s development goals. Finally, the paper will offer recommendations for further
reforms to make the tax system more inclusive, efficient, and transparent, focusing on ways
to improve tax collection, enhance taxpayer compliance, and reduce the government’s
reliance on external borrowing and aid. Ultimately, this term paper aims to contribute to a
deeper understanding of how a well-functioning tax structure is essential for Bangladesh’s
long-term economic stability and social progress.

2. REVENUE AND TAX STRUCTURE OF BANGLADESH

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2.1. Revenue structure

As per the national budget 2023-2024, the tax revenue target for the fiscal year 2023-2024
has been set by the government of TK. 4500 billon which was TK 3880 billion in the fiscal
year2022-2023 as per the revised budget. In national budget 2023-2024, it can be seen that in
the fiscal year 2023-2024 revenue collection from income tax have been estimated at around
TK. 1532.60 billion (34.06% of total tax), value added tax (VAT) at 1638.37 billion (36.41%)
from import duty at TK. 460.15 billion (10.23%), supplementary duty at TK. 607.03 billion
(13.49%) and other 5.81% of this aggregate target.
Table 2.1 Revenue Mobilisation Target

2.2. Revenue Mobilisation from NBR Sources

The tax revenue mobilisation target from NBR sources was set at Tk. 3,30,000 crore in FY
2021- 22. However, the revised target is also kept the same. According to NBR estimation,
the revenue collection in FY 2021-22 stands at Tk. 3,00,179.08 crore which is about 90.96
percent of the revised target. During this period, the growth of NBR tax revenue collection
increased to 15.50 percent compared to the previous fiscal year. The import duty/custom duty
(CD), Value Added Tax (VAT), supplementary duties (SD) and income tax are increased to
15.83 percent, 14.58 percent, 6.71 percent and 19.53 percent respectively compared to the
previous fiscal year. Revenue received during July-February of FY 2022-23 was
provisionally estimated to Tk. 1,96,039.95 crore or 8.92 percent higher than previous fiscal
year achieving 52.98 percent of revised target (Tk. 3,70,000 crore). Of this, import duty
increased by 6.11 percent, VAT by 5.83 percent, supplementary duty by 4.62 percent and
income tax 5.50 percent. Table 4.2 and Figure 4.1 show the sector-wise revenue mobilisation
from FY 2015-16 to FY 2022-23 (up to February, 2023).

Table 2.2 Item-wise Revenue Mobilisation by NBR

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Table 2.3 Comparative Statement of Item wise Revenue Mobilisation (%)

Revenue Mobilisation from Non-NBR Sources

The tax revenue receipt from non-NBR sources include narcotics and liquor duty, taxes on
vehicles, land revenue, stamp duty (non-Judicial) and surcharge. Tax revenue receipt form
non-non-NBR sources in FY 2021-22 was Tk. 6,704 crore, which is 13.32 percent higher
than the revenue earning of previous fiscal year. During FY 2022- 23, the target set for
revenue earnings from Non-NBR sources is Tk. 18,000 crore. Up to February, 2023 of FY
2022-23, revenue collected from this source stood at Tk. 5,329 crore achieving 29.61 percent
of the target.
Revenue Mobilisation from Non-Tax Sources
The major items of non-tax revenue include dividend and profit, interest, administrative fees
and charges, receipts for services rendered, non-commercial sales and other non-tax revenue
and receipts. In FY 2021-22, the revised target for non-tax revenue receipt was set at Tk.
43,000 crore. Against this target, revenue mobilisation from non-tax sources stood at Tk.
35,056 crore, which is lower than the previous fiscal year achieving 81.52 percent of the
 Page |4

revised budget target. Non-tax revenue earnings during the first 8 months of FY 2022-23
(July-February, 2023) stood at Tk. 24,449 crore, which is 6.90 percent higher than the same
period of previous fiscal year achieving 54.33 percent of the target (Tk. 45,000 crore).

3. TYPES OF TAXES AND THEIR PURPOSES

3.1. Types of taxes

In Bangladesh, the tax system is primarily divided into two broad categories: direct taxes
and indirect taxes. Each type of tax has its own structure, purpose, and impact on the
economy. Here's a detailed explanation of the two types:
1. Direct Taxes
Direct taxes are levied directly on individuals, corporations, or entities based on their income,
wealth, or profit. The responsibility of paying these taxes falls on the individual or
organization to whom the tax is applied, and it cannot be passed on to others.
a) Income Tax
Personal Income Tax: Individuals and businesses pay income tax on their earnings.
Tax rates vary based on income levels, with higher income brackets paying a higher
percentage in taxes (progressive tax system). Bangladesh uses different tax rates for
residents and non-residents, with certain exemptions for low-income earners.
Corporate Income Tax: Companies operating in Bangladesh are subject to corporate
taxes based on their profits. Corporate tax rates differ for publicly listed companies,
non-listed companies, banks, financial institutions, and mobile operators.
Capital Gains Tax: A tax levied on the profit realized from the sale of capital assets
like stocks, bonds, or property. This tax may differ based on the asset type and the
holding period.
b) Wealth Tax (though currently not applied in Bangladesh)
Historically, a wealth tax was imposed on individuals whose net wealth exceeded a
certain threshold. However, this is no longer in force in Bangladesh.
c) Property Tax (Local Tax)
Property owners may pay taxes to local municipalities on real estate or land they own.
The rate is typically based on the property’s value and is used to fund local
government operations.
2. Indirect Taxes
Indirect taxes are imposed on goods and services rather than on income or profits. The tax
burden is ultimately passed on to the consumer, as businesses collect and remit these taxes to
the government.
a) Value Added Tax (VAT)
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VAT is a consumption tax levied at each stage of production or sale of goods and
services. It is one of the major sources of revenue for the government. The standard
VAT rate in Bangladesh is 15%, but there are reduced rates or exemptions for certain
essential goods and services, such as healthcare and education.
VAT is applied at multiple points in the supply chain, but the final burden is passed to
the consumer.
b) Customs Duty
Customs duties are imposed on the import and export of goods. Bangladesh applies
various tariff rates depending on the type of goods being imported, with higher rates
on luxury goods and lower rates on essential items.
These duties help protect local industries from foreign competition and generate
revenue for the government.
c) Excise Duty
Excise duties are indirect taxes levied on specific goods like alcohol, tobacco, and
petroleum products. These are typically considered harmful or luxury items, so they
are taxed at higher rates to disincentivize consumption and raise government revenue.
Excise taxes may also apply to some services, such as banking or air travel.
d) Supplementary Duty
This is an additional tax applied to certain goods and services that are already subject
to VAT. For example, luxury goods, automobiles, and cigarettes may attract
supplementary duties in addition to VAT.
The goal is to generate extra revenue from non-essential, luxury, or socially
undesirable products.
e) Turnover Tax
For small businesses that are not eligible to pay VAT due to their low annual turnover,
a turnover tax can be imposed. It is a simplified form of taxation for micro and small
enterprises.
f) Import and Export Duties
Bangladesh applies import duties on goods entering the country and export duties on
specific items leaving the country, depending on national policies aimed at protecting
local industries or encouraging exports.
Import duties can vary depending on the type of goods and their classification under
the Harmonized System (HS) code.
3. Other Minor Taxes
Stamp Duty: A tax applied on legal documents, transactions, and agreements, such as
property deeds, contracts, and other legal paperwork. It is a fixed percentage of the
transaction value.
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Gift Tax: Though not commonly applied, gift tax can be levied on the transfer of
assets or property as a gift, particularly when high-value assets are involved.
Excise Tax on Banking: Bangladesh imposes an excise tax on banking transactions,
especially for accounts with a high balance. This tax is paid by the account holder
based on the balance in the account at the end of the financial year.

3.2. Purposes or objectives of taxation

Taxation is a major source of revenue for the government. In order to accelerate economic
development as well as the ensure the defence, administration, social welfare and other
development activities government need huge amount of resources. Taxation is a way to
transfer the resources from private or non-government sectors to government sectors. The
main purposes or objective of tax are given below:
 Revenue collection: tax is a major source of revenue for the government. In
Bangladesh tax revenue accounts for nearly 85 percent of the total government
revenue. Therefore, the first and foremost aim of taxes is to raise public revenue to
meet the over increasing public expenditure.
 Reduction of inequalities in income and wealth: one of the main objectives of taxation
is to reduce inequalities in income and wealth. This is possible by taxing rich people
heavily and to confer benefit to the poorer section through progressive income tax,
expenditure tax etc.
 Accelerating economic growth: in order to ensure the economic growth, the tax
system must be so designed as to raise the rates of saving and investment. This saving
may be invested in productive sectors of the country.
 Control of consumption: the government not only raises revenue through taxation, but
it is also imposing restriction on the use of certain goods and services in intoxicant,
tobacco etc. raise public revenue no less than other taxes but their main aim is to
prevent the deterioration of health of general public. More tax is also levied on the
luxury goods to reduces their use.
 Protection of local industries: in order to protect the local industries from the uneven
competition government may provide tax incentives for poor local industries and so,
should design the tax policy to ensure the protection of poor local industries.
 Economic development: the tax revenue can be used by the government to ensure the
economic development of the country. It can be used to build the infrastructure, to
invest in social security programs, in various poverty elevation programs.
Government can invest in productive sectors and can reduce unemployment.
So, it can be said that the purpose of tax is not only the collection of revenue, but also to
ensure the economic development and social welfare of the country. But it is only
possible when the country designs the tax policy in an effective and efficient manner.
3.3. Tax rate in Bangladesh Recent time and upcoming
The finance minister proposed to keep the tax-free income thresholds for women, senior
citizens, the physically disabled, members of the third gender and those freedom fighters
listed as injured in war as they were last year.
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This means the tax-free income level for women and taxpayers aged 65 years and above
remains Tk 400,000, the level for disabled persons is Tk 475,000, for gazetted war-wounded
freedom fighters is Tk 500,000 and for taxpayers of the third gender, it is Tk 475,000.
In addition, the finance minister has proposed that the tax-free income limit for parents or
legal guardians of children with a disability should be increased by Tk 50,000 per child.
He also maintained the minimum tax rate for regular individual taxpayers, firms, and Hindu
undivided families at 5 percent.
The budget proposes to increase the maximum tax rate from 25 percent to 30 percent by
making some changes to the number of slabs.
According to the budget proposal, income up to Tk 350,000 will not be taxed. The next Tk
100,000 of income will be taxed at a rate of 5 percent.
Previously, a 10 percent income tax was imposed on income between Tk 450,000 and Tk
750,000. Now, it will apply up to Tk 850,000.
Previously, income from Tk 750,000 to Tk 1,150,000 was taxed at 15 percent. Now, the 15
percent income tax will apply from Tk 850,000 to Tk 1,350,000.
Previously, income from Tk 1,150,000 to Tk 1,650,000 was taxed at 20 percent. This tax
level will now apply to income from Tk 1,350,000 to Tk 1,850,000.
In FY 2023-24, any income above Tk 1,850,000 was taxed at 25 percent. The budget for FY
2024-25 proposes that a 25 percent tax be applied on income from Tk 1,850,000 to Tk
3,850,000, while any income above that level will be taxed at 30 percent.
Table-3.3 Tax rate in Bangladesh
Current tax slabs Tax rate-2023-24 Proposed tax slabs Proposed tax Rate
Up to TK 350000 0 Up to TK 350000 0
The Next TK 100000 5% The Next TK 100000 5%
The next TK 300000 10% The next TK 400000 10%
The next TK 400000 15% The next TK 500000 15%
The next TK 500000 20% The next TK 500000 20%
Any amount Above 25% The next TK 2 25%
million
Any amount Above 30%

Minimum tax for any individual assessee TK 5000

non-resident foreigner, 30 percent tax rate
On dividend income 20 percent
 Page |8

Currently, the NBR collects individual income tax under five brackets.
Beyond the tax-free income threshold of Tk3.5 lakh, rates are structured as follows: 5% on
income up to Tk4.5 lakh, 10% on income up to Tk7.5 lakh, 15% on income up to Tk11.5
lakh, 20% on income up to Tk16.5 lakh and 25% on any income exceeding Tk16.5 lakh
mark.
Speaking with TBS, Snehasish Barua, a partner at Snehasish Mahmud & Co, a firm offering
audit, tax, and consulting services, said, "The exact tax impact can only be determined for
high-income earners falling under the new 30% tax band."
"If last year's Personal Income Tax (PIT) rates remain unchanged, the NBR could potentially
lose projected revenue from these accounts. However, if Corporate Income Tax (CIT) rates
also remain unchanged, the NBR may collect additional revenue, given the rates were
previously 27.5% or 30%, compared to the proposed 25% or 27.5% in the bill."
"Corporates may consequently miss out on the tax rate reduction benefit. This hinges on
whether business incomes are subject to a minimum tax regime at the import or supply
stages. If corporate incomes are lower and fall under the minimum tax regime mentioned,
neither the reduced rate will benefit the corporates nor the increased tax rate will benefit the
NBR," he added.
Tax on capital gains from trust-funds
A 15% tax is imposed on the capital gains of funds and trusts, similar to companies. Capital
gains up to Tk 50 lakh in the share market remain exempt from tax.
However, if capital gains exceed Tk 50 lakh, tax will be applicable. In such cases, the tax on
gains will be collected from individual taxpayers in two ways.
Firstly, if an individual earns profits by selling shares within five years of purchase, they will
be taxed according to their income tax slab.
For instance, if someone buys shares and sells them after six months or a year, generating a
profit of Tk51 lakh, Tk50 lakh of this amount will be tax-exempt, and they will be required to
pay capital gains tax on Tk1 lakh. This amount of Tk1 lakh will be added to the taxpayer's
total income, and they will pay income tax based on their applicable tax slab.
Secondly, if an individual buys shares and realises the same profit after holding them for five
years, the tax calculation will differ. In this scenario as well, Tk50 lakh will be exempt from
tax. A 15% income tax rate will be applicable on the remaining Tk1 lakh, amounting to Tk
15,000.
Audit exemption
To ease audit requirements and minimise inconvenience, the finance minister and state
minister of finance have sanctioned amendments to the Income Tax Act through the Finance
Bill.
According to the revised regulations, tax audits will be waived if the tax return indicates a
15% increase in income compared to the previous year. This exemption applies specifically to
revised returns and is limited to individual taxpayers.
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No source tax for the Heba deed

In general, Heba is an unconditional transfer of property. In the budget proposal, Heba deeds
for immovable property transactions such as land, plots, and flats were subject to source
taxation. However, the government reversed this decision.
Under the previous regulations, Heba deeds for property transfers among siblings, parents
and children, spouses, and between grandparents and grandchildren were exempt from source
taxation.
Currently, Heba documents incur a tax amounting to Tk2,510, comprising registration fees of
Tk100, stamp duty of Tk1,000, affidavit stamp of Tk300, and court fees of Tk10, among
other charges.
3.4. Tax rebate
Tax Rebate in Bangladesh: A Guide
Tax rebates are reductions in the amount of tax you owe. In Bangladesh, there are several
ways to avail tax rebates, primarily through investments and certain types of income.
Here are some common tax rebate options in Bangladesh:
Investment-Based Rebates:
 Pension Funds: Investing in pension funds can provide tax rebates.
 Provident Funds: Contributions to provident funds can also qualify for tax rebates.
 Life Insurance Premiums: Paying life insurance premiums can reduce your taxable
income.
 Mutual Funds: Investing in specific mutual funds can offer tax benefits.
 Equity Investments: Investing in shares of listed companies can provide tax rebates.
 Home Loans: Interest paid on home loans can be deducted from your taxable income.
Income-Based Rebates:
 Salary Income: Certain allowances and deductions can reduce your taxable income.
 Rental Income: Specific deductions and exemptions can apply to rental income.
 Business Income: Various expenses and deductions can be claimed to reduce your tax
liability.
Important Considerations:
 Tax Slabs: Understanding the applicable tax slabs is crucial to determine the potential
tax benefits.
 Investment Limits: There are often limits on the amount you can invest to qualify for
tax rebates.
 Documentation: Proper documentation is essential to claim tax rebates.
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 Consult a Tax Professional: For accurate and up-to-date information, it's advisable to
consult with a tax professional.
For the most accurate and up-to-date information on tax rebates in Bangladesh, it's
recommended to consult the following resources:
 National Board of Revenue (NBR): The official government body responsible for
tax administration in Bangladesh.
 Chartered Accountant Firms: Professional firms can provide expert advice on tax
matters.
 Financial Advisors: These professionals can offer guidance on tax-efficient
investment strategies.

Tax holiday
As per the NBR notification, 100 percent tax waiver will be applicable up to the first five
years of commercial production while tax exemption will be available at the rate of 50
percent for the next three years and 25 percent for the next two years. This order will be
effective from July 1, 2025
Major Areas for Final Settlement of Tax Liability in Bangladesh
In Bangladesh, certain tax payments are considered a final settlement of tax liability, meaning
no further tax is payable or refundable on those specific income sources.
Here are the major areas where tax deducted at source (TDS) is treated as a final settlement
of tax liability:
1. Payments for Supply of Goods or Services:
o Section 52: Tax deducted at source on payments made for the supply of goods or
services under contracts or sub-contracts is generally considered a final
settlement.
2. Royalty and Technical Services Fees:
o Section 52A (2): Tax deducted at source on royalty payments and fees for
technical services is treated as a final settlement.
3. Commission from Clearing and Forwarding Agents:
o Tax deducted at source on commission payments to clearing and forwarding
agents is considered a final settlement.
4. Minimum Tax:
o Section 76(1) of the Income Tax Act 2023: In certain cases, minimum tax
deducted at source is treated as a final settlement, exempting taxpayers from
additional tax liability. This applies to specific income sources like interest, profits
from savings bonds, and cash subsidies received against exports.
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4. CONCLUSION

Bangladesh's tax structure, while evolving, presents a complex interplay of direct and indirect
taxes. Despite recent strides in broadening the tax base and improving revenue collection,
challenges persist in areas such as tax evasion, administrative inefficiencies, and a relatively
low tax-to-GDP ratio.
To further strengthen the tax system and optimize its contribution to economic development,
several key recommendations can be considered:
 Enhance Tax Administration: Invest in digital technologies, capacity building, and
anti-corruption measures.
 Expand the Tax Base: Bring the informal sector into the tax net and strengthen tax
compliance efforts.
 Reform Tax Laws and Regulations: Simplify tax laws and regulations, and
rationalize tax rates.
 Strengthen International Tax Cooperation: Collaborate with other countries to
combat international tax evasion and avoidance.
By implementing these recommendations, Bangladesh can create a more efficient, equitable,
and sustainable tax system that supports economic growth, reduces poverty, and improves
public service delivery. A strong and well-functioning tax system is crucial for the country's
long-term development and prosperity.

Reference
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 This article discusses the economic growth in Bangladesh and how export-led growth
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