The parliament of Bangladesh has repealed the Income Tax Ordinance,1984 and enacted new Income Tax Act, 2023 effective from 22 June 2023
This Tax Alert briefly explains the provisions introduced by Income Tax Act, 2023 enacted by the parliament of the People’s Republic of Bangladesh which widens the scope of taxation, establishment of fiscal discipline and other incidental matters.
This act is a replacement of the Income Tax Ordinance, 1984 with extended areas of tax net with opportunities to taxpayers such as tax holiday for newly established industry and infrastructure development in order to attract foreign direct investment in Bangladesh.
New provisions relating to deregistration of Taxpayers’ Identification Number (TIN), refund of excess tax payment and Withholder Identification Number (WIN) have been introduced in the new act.
