Planning minister calls for income tax reforms

Planning Minister AHM Mustafa Kamal Tuesday called for reforming the income tax ordinance 1984 for increasing tax revenue.
 “We must go for reforming the income tax ordinance 1984. I don’t understand why the ordinance has not been made an act yet,” he told a discussion on ‘Budget 2014: Tax Proposal’ organised by Daily Bhorer Kagoj at the Jatiya Press Club, according to a news agency.
Kamal said about 4 million people have TIN certificates in the country, but the number of tax payers is only about 1.2 million,” Mustafa Kamal said. He suggested limited issue of TIN certificates.
He said at least 10 million citizens should be brought under the tax net as per the size of the national budget.
The planning minister said the rate of the corporate tax should be cut down. He questioned the justification of high corporate tax rate in Bangladesh. According to him the rate is about 15 per cent in Singapore.