The National Board of Revenue has asked the Bangladesh Securities and Exchange Commission to submit advance income tax for the year 2015-2016 as per the government’s budget measures for the current fiscal year. The government in the budget for the current fiscal year imposed 25 per cent tax on income of 29 autonomous authorities including two regulatory bodies — BSEC and Bangladesh Telecommunication Regulatory Commission.
Following the budget approval, the tax zone 5 of NBR issued a letter on December 9 asking the BSEC to submit advance income tax in four instalments.
If the BSEC fails to submit the instalments within September 15, December 15, March 15 and June 15, it may face penalty, NBR sources said.
BSEC chairman M Khairul Hossain earlier wrote a letter to the finance minister seeking exemption from payment
of tax on the commission’s income arguing that the body needed huge fund to implement its 10-year master plan.
In response to the BSEC’s appeal, finance minister AMA Muhith wrote a note on the letter that the issue would have to be reviewed and forwarded the letter to the NBR.
Earlier in July, the BTRC also denied to pay income tax claiming that it had no taxable income.
-With New Age input
