LETTER OF TRANSMITTAL 04th April 2007 Ms.Rehana Fowzia (Lecturer) Department of Business Administration Stamford University Bangladesh
Subject: Submission of report on ‘Ascertain the position of cannons of taxation in tax system
of Bangladesh’. Dear Ms.Rehana Fowzia madam We are pleased to submit this report on “‘Ascertain the position of cannons of taxation in tax system of Bangladesh’ for particular fulfillment of BBA Degree. This research program was taken by the help of ‘Three tax system of Bangladesh’, written by M.A. Akkas & ‘Income Tax’ written by Mahmud, Purohit, Purohit, Bhattacharjee. Here is the report on the observational study of ‘Tax System Of Bangladesh’ you asked us to conduct last month. We honestly believe that this report will fulfill the requirements of the project report for BBA, which will help us a lot to gain sufficient knowledge about the ‘Tax System Of Bangladesh’. We appreciate having this assignment. If you should need any assistance in interpreting this report
or
in
implementing
our
recommendations,
[email protected] [email protected],, Contact No. 01718330355 Sincerely, 01. Mezbah Uddin Ahamed BBA02707126 02. Subbir Ahmed BBA02707121 03. Md. Mahmud Hossain BBA02707154 BBA02707154 04. Subroto Biswas BBA02707125 05. Shamol Kanti Sarkar BBA02707112 06. Md. Mahfujul Alam BBA02707153
Program: BBA, Batch: 27 (J), Stamford University Bangladesh.
please
contact
us
ACKNOWLEDGEMENT
ducatio ion n Educat
invo involv lves es not not only only read readin ing g book bookss and and doin doing g exer exerci cise sess but but also also acqu acquiri iring ng
know knowled ledge ge thro throug ugh h doin doing g some someth thin ing g prac practi tical cally ly.. This This repo report rt has has desi design gned ed only only for for considering that objective. In this period of time, we enjoyed the study of tax system of Bangladesh in various aspect of tax.
First of all, we are indebted to our guide teacher Ms.Rehana Fowzia Lecturer, Department of Business Administration, Stamford University Bangladesh. His views, suggestions save us from more difficulties.
We are also grateful to our group members’ most valuable cooperation, inspiration and suggestions.
TABLE OF CONTENTS
Heading
Page No.
LETTER OF TRANSMITTAL ACKNOWLEDGEMENT EXECUTIVE SUMMARY
A. Objective of this study - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -05 B. Limitation of this study- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 05 C. Methodology of study - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 06 D. About tax- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -07 E. Tax system system of Bangladesh: Bangladesh: - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 08 Major heads of tax-revenues of Bangladesh - - - - - - - - - - - - - - - - - 08 Major heads of non-tax revenues of Bangladesh - - - - - - - - - - - - - -08 The characteristic of Bangladesh Tax System - - - - - - - - - - - - - - - -09 G. Tax structure of Bangladesh - - - - - - - - - - - - - - - - - - - - - - - - - - - - 15 H. Canon of taxationtaxation- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 18 I. Application of canon in the tax system of Bangladesh - - - - - - - - - - - 21 J. Conclusion - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -23 k. Recommendation- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 24 L. Bibliography- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -25
EXECUTIVE SUMMARY
This
disser dissertat tation ion report report highli highlight ghtss on our practi practical cal experie experience nce in differe different nt types types and
categories ‘Tax System’ especially Tax System Of Bangladesh. During our short working period, we tried to gather information from News Paper, web sites. But the NBR does not provi provide de inform informati ation on in the web site site directl directly y and even it does does not not publis publish h tax structure structure implement in Bangladesh. So, we take much information about tax in our personal concept and view of Tax System of Bangladesh.
To complete this report, we have gained practical knowledge about various type of Tax System. For example, Tax System Of Bangladesh, canon of taxation and implementation the canon of Bangladesh in Tax System Of Bangladesh.
In this way, we are getting knowledge not only the tax system but also the implementation of canon on tax system of Bangladesh.
As, tax is an important part of our country development. so, day by day, people are getting more conscious and informed about tax.
OBJECTIVE OF THIS STUDY
We can gain knowledge about the tax system of Bangladesh by studying this topic. As following aspects of tax we can learn from this study: 1. To get the the idea about about the collection collection of of revenue, revenue, as context context of Banglad Bangladesh. esh. 2. How distrib distribute ute the income income of people people in Banglad Bangladesh esh is allocat allocated. ed. 3. How econom economic ic control control to achieve achieve their micro economic economic control control.. 4. Effect of of the tax system system of Bangla Bangladesh desh to economic economic developm development. ent. 5. How nati nationa onall income income is raise raised d in desired desired leve level. l.
LIMITATION OF THIS STUDY
There are some limitations of this study. Therefore the assignment may lack some crucial data. 1. Necessary Necessary data data and inform information ation an an neither neither adequate adequate nor nor well finish finished. ed. 2. The duration duration that that is for assig assignmen nmentt program is not enough enough to to learn about about the the tax system of Bangladesh. 3. This assign assignment ment does does not analyze analyze the the critical critical analysis analysis of different different sectors sectors in the the tax system of Bangladesh in details.
The assignment has encountered these limitations that may have hinder progress. But with constant effort, our goal was to minimize the negative efforts of these limitations.
METHODOLOGY OF THIS STUDY
Basically there are two types of methodology. One is Primary sources and another is secondary sources. Primary source: Primary source are those type of source that we collect information or survey directly from the organization. Secondary source: Secondary source are those type of source that we collect information from online or any reference books. To make this overall assignment we followed the secondary sources like, online, reference book, and journal.
ABOUTTAX
Tax is a compulsory levy imposed by the Government. People pay taxes to the Government on the basis of what they earn, what they own and what they purchase.
A tax is a compulsory payment levied on the persons or companies to meet the expenditure incurred on conferring common benefits upon the people of a country.
Two aspects of taxes follow from this definition:
A tax is a compulsory payment and no one can refuse to pay it.
Proceed from taxes are used for common benefits or general purposes of the state.
Classification Of Tax:
On the basis of tax rate
Progressive Tax
Proportional Tax
Regressive Tax
On the basis of impact and incidence
Direct Tax
Indirect Tax
On the basis of base
Single Tax
Multiple Tax
TAX SYSTEM OF BANGLADESH Major heads of tax-revenues of Bangladesh are as follows: A.
Taxes on Income and Profit 1. Inco Income me tax-Co tax-Comp mpan anie iess 2. Income Income tax-Oth tax-Other er than than Comp Compani anies es
B.
Taxes on Property & Capital Transfer 1. Esta Estate te Dut Duty y and and Gift Gift Tax Tax 2. Wealth Ta Tax 3. Narc Narco otics tics Duty Duty 4. Land and Reven evenu ue 5. Stam Stamp p duty duty-n -non on-ju -judi dici cial al 6. Reg Registr istrat atio ion n
C.
Taxes on goods and services 1. Cust Custo oms Duti Duties es 2. Excis xcisee Duti Duties es 3. Valu Valuee Add Added ed Tax Tax (VAT (VAT)) 4. Supplemen Supplementary tary Duty Duty (On luxury luxury items and in addition addition to VAT) 5. Taxe Taxess on on Vehi Vehicl cles es 6. Elec Electr tric icit ity y Duti Duties es 7. Other Taxes and Duties Duties (travel (travel tax, turn over tax, tax, etc.) etc.)
Major heads of non-tax revenues are as follows: D. Interest, Dividend and Profit
E. General Administration and Services F. Social and Community Service G. Economic Services H. Agriculture and Allied Services I. Transport and Communication J. Other non-tax revenue K. Capital Revenue
The characteristic of Bangladesh Tax System comprised of the following factors: (a)
Revenue GDP Ratio:
A key component of fiscal policy of the government is to strengthen the effort to mobilize domestic resources to generate a larger share of resources for investment. The strategy involves both revamping tax management and providing the right incentives to stimulate domestic savings. Domestic resource mobilization through the tax effort is not outstanding, but is a significant improvement over the past. The following table gives the ratio of tax revenue, non-tax revenue and revenue to GDP over the years. Ratio of GDP
Year
1997-1998
1998-1999
1999-2000
2000-2001
2001-2002
Tax Revenue
7.69
7.36
6.78
7.80
8.09
Non-tax
1.81
1.64
1.69
1.47
1.74
Total Revenue 9.50
9.00
8.47
9.28
9.83
Revenue
10 9 8 7 6 Rate
5
Tax revenue
4 Non-Tax revenue
3
Total Revenue
2 1 0 1997-98
1998-99
1999-
2000-01
2001-02
2000 Year
Figure: Ratio of GDP (b)
Realization of taxes vis-à-vis budget:
The apex organization which controls the bulk of revenue receipts and taxes in Bangladesh is the National Board of Revenue (NBR), which was established in 1972. In Bangladesh, it has been observed that over the years, realization of revenue (NBR portion) exceeds or comes closer to budget target. The actual realization of revenue (NBR portion) was 2.16% higher than the target. This may be seen clearly from the following table (1990-91 to 1994-95). Actual Realization of tax revenue vis-à-vis target t arget
Financial Year
Realization of Target
1990-91
102.35%.
1991 -92
101.21%.
1992-93
101.04%
1993 - 94
97.78%
1994-95
102.16%
(c)
NBR Tax Vis-a-vis Total Revenue: Realizat alizatiion of Target
Realization of Target(% Target(%)
103 102 101 100 99 98 97 96 95
Realizat alizatiion of Target
1990- 1991- 1992- 1993- 199491 92 93 94 95 Year
(d) (e)
Trend of Revenue Receipts: Domination of Indirect Tax Over Direct Tax:
Despite the progress for ensuring self-reliant development in a global climate of free economy, a major thrust of fiscal policy in Bangladesh has to be on raising the revenue-GDP ratio. Further, there is an urgent need for shift in the composition of revenues away from tax on international trade, goods and services towards direct taxes on income and profit, whose share in total revenue in Bangladesh is appallingly low, even compared to other developing countries in Asia. This can be seen from the following table
Heads of Taxation
Total Amount
Percentage
(Crore Taka)
(Rounded Off)
Customs duties (Export / import)
3,676.94
34%
VAT (Import)
2,215.23
21%
VAT (local production)
1.248.34
12%
Supplementary Duty (Luxury Items)
187.61
15%
Sup Supplem plemen enta tary ry Duty Duty (Lu (Luxury xury good goodss of of loc local al ori orig gin) in)
1,344 ,344.1 .12 2
Excise Duty
177.82
2%
Income Tax
1,491.56
14%
Other Taxes
180.94
2%
Total
10,522.56
100%
Source: National Board of Revenue *
This is depicted in the following pie diagram:
Custom Duty
VAT (local production) production) 14%
2% 34%
2% 0%
Supplementary Supplementary Duty (Luxury Items)
15% 12%
21%
Supplementary Supplementary Duty (Luxury goods of local origin) Excise Duty
Income Tax
It will be seen that major share of tax revenue is attributed to indirect taxes. Out of the indirect taxes, share of import-based taxes was the highest. Lack of progress in expanding the base for direct taxes remains a major shortcoming of the tax reform agenda of Bangladesh.
(f)
Forecast of Tax-Revenue:
The introduction of VAT in 1991 was a bold move. It now covers manufacturing at the wholesale and retail stage and some selected services. Efforts are on to make VAT as comprehensive as possible. Though VAT is now recognized as an efficient and non-distorting means of taxation by economists and policy makers alike, its introduction in many countries is held up due to political reasons. Thus Bangladesh can take credit of introduction of VAT within so short a period of time. Due to computerization in progress at NBR, it is now possible to predict revenues and their composition with much more precision than in the past.
Tax revenues have recently shown unusual buoyancy and responsiveness to tax reforms and rate adjustments. Imports responded vigorously in 1994-95 to the sharp reductions in tariffs yielding significantly higher revenues from import taxation with tariffs rates at an all time low. As most revenue targets except those of direct taxes were exceeded in 1994/95, it warranted upward revision of targets for the following year. This optimistic trend is expected to continue into the year 2000 with tax revenues posing a higher trajectory, than would have been the case without tax-reforms.
TAX STRUCTURE OF BANGLADESH Below is a table of tax revenue collection of Bangladesh government for the financial year 2005-06 and budget estimate for the financial year of 2006-07. Description
Budget
Budget
Increase/
Increase /
(2006-07)
2005-06
(Decrease) in
(Decrease) in
(Revised)
2006-07 over
2006-07 over
2005-06 (Tk)
2005-06 (%)
Tax revenue: National Board of revenue(NBR Portion) Taxes on income
8500
6960
1540
22%
and profit Value added
14729
12398
2331
19%
Tax(VAT) Import duty Excise duty Supplementary
9485 185 7701
8235 163 6394
1250 22 1307
15% 13% 20%
Duty Other taxes and
455
306
149
49%
duty Sub total: NBR
41055
34456
6599
19%
portion Non- NBR
1860
1719
141
8%
Portion Total tax revenue Total Non-tax
42915 9625
36175 8693
revenue Total revenue 52540 44868 (Source: Finance Minister’s Budget Speech for FY 2006-07)
6740 932
19% 11%
7672
17%
1. DIRECT TAX CONTRIBUTES ONLY SMALL PORTION OF
TOTAL TAX REVENUE:
Tax revenue structure of Bangladesh can be divided into direct and indirect taxes. A direct tax is paid by a person to the revenue authority. Direct tax is borne by the tax payer and can not be passed on to any person, whereas indirect tax is passed on by the tax payer so that the burden of the tax is ultimately borne by another, for example Value Added Tax(VAT) which, although paid by the businessmen, is passed on to the customers. That is, indirect tax is charged on consumption in one way or another. Indirect tax is regressive because it takes a higher portion of a poor person’s income than of a reach person’s. VAT is the same for all people. Indirect taxes do not develop any civil consciousness in the minds of tax payers because no body feels that he is paying a tax as it is concealed in price, whereas direct tax create a civic consciousness among the tax payer; they feel that they are contributing towards the state expenditure. In the case of direct taxes, the relation between the tax payer and the revenue authorities is direct personal. But there is an indirect relation between the tax payer and tax authorities in the case of indirect taxes, for the taxes are collected unofficially through the agency of merchants.
2. PREDOMINE PREDOMINENCE NCE OF INCOME INCOME TAX AMON THE DIREC DIRECT T TAXES:
According to the income tax Ordinance, 1984, income may generate from different sources, namely, salary, business & profession, house property, interest on security, agriculture, capital gains, and other sources.
3. NEGLIGIBLE DIRECT CONTRIBUTION OF THE
AGRICULTURAL SECTOR TO TAX REVENUE:
Direct taxation on agricultural sector normally takes two forms; land revenue tax and tax on agricultural income. This sector accounted for more than 50% of total direct tax revenue in the early sixties, but now agricultural income tax is very negligible. It accounts for only 0.01% of the GDP, although the average contribution of agriculture to the GDP is 35%. Agriculture, more specifically, non-farm activity, still remains an untapped source of revenue to the government. In most cases, income from agriculture does not exceed the ceiling of non-taxable limit primarily due to subdivision and fragmentation of holdings for which income is distributed to different hands. Furthermore, tax administration is not expanded down to village, and therefore, current information on this source of income cannot be easily collected for making assessment. Placing more emphasis on the collection of income tax from agriculture may augment the price of our main food and may create socio-political unrest. Government does not like others to do politics with food. High cost of collection of agricultural tax may be another consideration. All these factors may contribute to the poor tax performance of agriculture sector.
4. HEAVY HEAVY RELIAN RELIANCE CE ON DIRECT DIRECT TAX TAX BASED BASED::
Bangladesh relies too much on indirect taxes, which accounts for nearly 80% of the total tax revenue. On the other hand, the developed countries rely less on indirect taxes and more on direct taxes. For example, indirect taxes account for 45% of total tax revenue of UK (Stain, 1997). Our dependence on indirect taxes is increasing gradually. Indirect tax is comprised of mainly three types: Value Added Tax (VAT), Customs Duty, and Excise duty. The government of Bangladesh introduced the VAT system in 1991-92. It was imposed at the import cum manufacturing stage and replaced the prevailing excise duty on domestic production at the production stage and sales tax on imports at the import stage. It is also imposed on domestic services and its coverage of domestic goods has gradually increased in the recent times. Value added is defined as the difference between the value of a firm’s sale (outputs) and purchases of inputs.
5. IMPORT IMPORT DEPEND DEPENDENCY ENCY OF INDIR INDIRECT ECT TAX TAX BASE: BASE:
Our tax structure is heavily dependent on imports. It is, however, obvious that the indirect taxes on international trade composed almost entirely of taxes on imports, account for the lion’s share of our tax yield. That is, the system of indirect taxation in Bangladesh is heavily dependent upon import trade. Total import-based indirect tax is around 50% of total tax revenue.
6. POOR POOR TAX TAX-- GDP GDP RATI RATIO: O:
The ratio of tax revenue to GDP is an indicator of the government’s performance in generating resources at its disposal through the taxation machinery. The higher this ratio, the higher the effectiveness of the taxation system in terms of revenue yields. The contribution of tax revenue to the GDP of Bangladesh was less than 4% in FY 1972-73 against 9.35% in 1995-1996. As per Periodic Economic Update of the World Bank of June 2002, tax revenue – GDP ratio of Bangladesh is 9.7% in FY 2001-02. The Government claims that the current tax revenue- GDP ratio is 10.40% and is expected to increase to 12% within the FY 2004-05.
CANNON OF TAXATION The four canons of taxation as prescribed by Adam smith are the following:
1. Cano Canon n of of equ equal alit ity: y:
“The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities; that is, in proportion to the
revenue which they respectively enjoy under the protection of the State.” This cannon tries to observe the objective of economic justice. It dictates that in absolute terms the richer should pay more taxes because without the protection of the State they could not have earned and enjoyed that extra income. If we interpret this principle in terms of disutility which the tax payers suffer by paying taxes, it follows that the tax should impose equal marginal disutility upon every tax-payer. Two possibilities emerge in this case. If incomes are subject to constant marginal utility, then both the rich and the poor should be subjected to proportional taxation—each person paying a given percentage of his income as tax. On the other hand, if we agree with the more realistic proposition that income is subject to diminishing marginal utility, then the richer should pay a larger proportion of their income as taxes (that is, the taxes should be progressive).
2. Cano Canon n of Cert Certai aint nty: y:
This canon is meant to protect the tax-payers from unnecessary harassment by the ‘tax officials’. “The tax which each individual is bound to pay ought to be certain, and not arbitrary. The time of payment, the manner of payment, the quantity to be paid, ought all to be clear and plain to the contributor, and to every other person.” The tax-payers should not be subject to arbitrariness and discretion of the tax officials, since that breeds a corrupt tax administration. With a scope for arbitrariness even honest tax machinery will become unpopular. Smith is so emphatic about this principle as to claim “that a very considerable degree of inequality… is not near so great an evil as a very small degree of uncertainty.”
3. Cano Canon n of of Con Conve veni nien ence ce::
The mode and timings of tax payment should be, so far as possible, convenient to the tax payer. This canon recommends that unnecessary trouble to the tax-payer should be avoided; otherwise various ill-effects may result.
4. Cano Canon n of of Eco Econo nomy my::
This canon recommends that cost of collection of taxes should be the minimum possible. It is useless to impose taxes which are too widespread and difficult to administer. These taxes entail an unnecessary burden upon the society in the form of additional administrative
expense. The productive efforts of the people suffer due to this wastage. Realizing that the tax collections are being wasted, the tax-payers also tend to evade them. These canons of taxation have a sound philosophy behind them and exhibit an insight into the practical aspects of tax administration and its effect. However, in view of developments in economic philosophy and problems of a modern state, a few additional principles were also suggested by latter writers. A brief description of these is as follows:
5. Cano Canon n of of pro produ duct ctiv ivit ity: y:
It is also called the canon of fiscal adequacy. According to this principle, the tax system should be able to yield enough revenue for the treasury and the government should have no need to resort to deficit financing.
6. Cano Canon n of Bu Buoy oyan ancy cy::
The tax revenue should have an inherent tendency to increase along with an increase in national income, even it the the rates and coverage of taxes taxes is not revised.
7. Cano Canon n of of Fle Flexi xibi bili lity ty::
It should be possible for the authorities, without undue delay, to revise the tax structure, both with respect to its coverage and rates, to suit the changing requirements of the economy and of the treasury.
8. Cano Canon n of Simp Simpli lici city ty::
The tax system should not be too complicated. That makes it difficult to understand and administer and breeds problems of interpretation and legal disputes.
9. Cano Canon n of Dive Divers rsity ity::
It is risky for the State to depend upon too few a source of public revenue. Such a system is bound to breed a lot of uncertainty for the treasury. It is also likely to be inequitable as between different sections of the society. On the other hand, if the tax revenue comes form diversified sources, and then any reduction in tax revenue on account of any one cause is
bound to be very small. However, too much multiplicity to taxes is also to be avoided. That leads to unnecessary cost of collection and violates the canon of economy.
In general, we must remember that the tax structure is a part of the economic organization of a society and should, therefore, fit in its overall economic philosophy. No tax system that does not satisfy this basic condition can be termed a good one. Over time, therefore, ideas regarding what should form a good tax system have undergone an evolution. In the following section we would briefly discuss the characteristics of a good tax system in the light of modern economic philosophy.
APPLICATION OF CANNON IN THE TAX SYSTEM OF BANGLADEH There are so many tax system remains in Bangladesh. Among this tax system some cannons are followed, some are not. 1. Cano Canon n of of equ equal alit ity: y:
In these cannon it imposes of tax according to ability to pay. So under these circumstances this is usually followed in the tax system of Bangladesh.
2. Canon of certainty:
This canon describe that the tax which each individual is bound to pay or to be certain and not arbitrary. The time of payment, the manner of payment, the quantity to be paid, all ought to be clear and playing to the contributor and to every other person. This canon is not to be followed in the tax system of Bangladesh. So many corruptions are seen here.
3. Canon of convenience:
It should be convenient to pay tax. A person who starts to get earning money he or she has to give tax on that moment. This step is not followed in tax system of Bangladesh properly.
3. Cano Canon n of of eco econo nomy my::
Every tax has a tax of collection. It is important that the cost of collection should be as small as possible. It will be useless to imposed tax which is too widespread and difficult to administer.
4. Cano Canon n of of pro produ duct ctiv ivit ity: y:
According to this principle, the tax system should be able to yield enough revenue for the treasury and the Government should not be forced to resort to deficit financing.
5. Canon of elasticity:
As the need of the country increases, the revenue should also increase. To meet emergency, the govt. should be in a position to augment its financial revenue through increasing tax rate.
6. Cano Canon n of simp simpli lici city ty::
The tax system should be simple and plain so that every one can easily understand it. The assessment of tax must be simplified. To avoid corruption taxation should be simple.
8. Canon of diversity:
In line of productivity, canon of diversity also gives importance to adequate collection of tax through diversification. Such a system breeds a lot of uncertainty for the treasury. On the other hand, if the tax revenue comes from diversified sources, then any reduction in tax
revenue on account of any one is likely to be very small on total tax revenue. However, too much multiplicity of taxes is also to be avoided.
CONCLUSION
After finishing this assignment successfully, we have learnt the canon of taxation, the various tax systems in Bangladesh and the implementation of canon in the tax system of Bangladesh. There are many problems in tax system of Bangladesh which is created by us. So under these circumstances we all should reach on amalgamate decision with a view to
solving the problem immediately for the sake of the welfare of the whole nation.
R ECOMMENDATION ECOMMENDATION
Canon of tax implementation for the tax system in Bangladesh properly is not an easy task. It needs needs severa severall efforts efforts,, integr integratio ation n of all resour resources ces,, proper proper rules rules and regula regulatio tion n and their their effective visualization. This paper presents the following recommendations to be used by the authority or the process of taxation for implementing the canon of tax system in Bangladesh-
The canon of equality and certainty is not implemented properly in tax system in Bangladesh. So, we should give concern about this canon.
In tax system of Bangladesh the canon of convenience should be implemented properly. It should be convenience to all people of Bangladeshi and it should be that assessee. So that gives their payment quite easily.
In Bangladeshi tax system is corrupted in many ways so we have to conscious about that virus (corruption).
There are many political influences is available in our tax system. So we have to get it.
All in all we have to be conscious about the tax payment for the sake of the country well.
BIBLIOGRAPHY
To complete this group assignment successfully, we have to collect information from
Various sources, such as newspapers, bulletin and web sites. So, as a reference website and reference books
We can mentionM. A. Akkas, M. com. MBA (AIT).. (2003), “Three taxes of Bangladesh”, (Income tax, Value Added Tax, Gift Tax), pp, 6-9.
Dr. Kanchan Kumar Purohit, (2006), “Income Tax” (Including Gift tax & Value Added Tax), pp, 1-3, 10-12.
http://www.AssiaTradeHub.com\Tax System of Bangladesh\BANGLADESH Tax Structure (Tax System)\Trade in Bangladesh Trade Gallery.htm
(Stamford University Bangladesh B.B.A. 02707143 PH; +8801914472526)