Income tax bill passed

Finance Minister AHM Mustafa Kamal placed the bill which was passed by voice votes. While the previous one was in English, provisions in the new law have been converted into simple Bangla and made more contemporary aligned with international best practices, applicable from the upcoming fiscal year. Currently, the government is collecting direct tax under the ordinance. There was a full-fledged income tax act in 1922. There are 348 sections in the new law, following which businesspersons can easily submit their income tax returns. A mathematical formula has been introduced in the law to help taxpayers determine their tax. The law also helps taxpayers submit their income tax returns online. As per the law, no tax deducted in advance from interest earned from securities would be considered for refund or to be carried forward. Audited financial statements have to be submitted by firms, associations of persons and funds having an annual turnover of over Tk 3 crore. The types of documents required for the submission of a company’s tax return has been reduced to 12 from 29 at present. Bank depositors having only fixed deposits of more than Tk 10 lakh will need to submit tax returns.

Source: https://www.thedailystar.net/business/economy/industries/tax-customs/news/income-tax-bill-passed-3349901

Forex reserves to rise to $30b within this month

Bangladesh’s foreign exchange reserves will rise to approximately $30 billion at the end of June this year, said the central bank yesterday. Forex reserves stood at $29.9 billion as of June 12 this year, including the export development fund and other foreign assets, down from $41.8 billion recorded at the end of June 2022, according to the Bangladesh Bank data.

Source: https://www.thedailystar.net/business/economy/news/forex-reserves-rise-30b-within-month-3349886

Parveen Mahmud wins ‘Women Global Awards 2023’

Parveen Mahmud, the first female president of the Institute of Chartered Accountants of Bangladesh (ICAB), won the “Top 50 Women Global Awards Sri Lanka 2023” in the category of “Leadership in Finance and Accounting” for her remarkable achievements and dedication to the profession in and beyond the border. She was the founding chairperson of CA Female Forum-Women in Leadership Committee at the ICAB and the vice-chairperson of the Women in Leadership Committee of the South Asian Federation of Accountants (SAFA), the apex accounting professional body of the South Asian Association for Regional Cooperation till 2019.

Source: https://www.thedailystar.net/business/economy/news/parveen-mahmud-wins-women-global-awards-2023-3349861