SMAC ASL holds event on Income Tax Act
FE REPORT | Monday, 12 June 2023
SMAC Advisory Services Ltd (ASL) hosted an event highlighting salient features of the Income Tax Act 2023 and Finance Bill 2023 at a city hotel on Sunday.
The event aimed at providing insights into significant changes in the tax landscape of Bangladesh and their implications for businesses and the national economy.
The event began with opening remarks from SMAC ASL Director Zareen Mahmud Hosein.
SMAC ASL Director Snehasish Barua, who was also a member of the new tax act review committee, delivered a comprehensive presentation, highlighting the changes introduced through the Income Tax Act 2023 and Finance Bill 2023.
He discussed about simplicity and transparency of the new act, automation and reduction of discretionary power of the authority concerned, incorporation of international best practices, withholding and personal tax along with benefits and challenges associated with the act.
Following the technical session, a panel discussion took place, featuring industry leaders, economists, chamber leaders, and journalists.
The guest speakers included Standard Chartered Bank Bangladesh CEO Naser Izaz Bijoy, and National Board of Revenue (NBR) retired members Md. Farid Uddin, Md. Alamgir Hossain and Apurba Kanti Das.
Naser Izaz Bijoy commented on the pros and cons of the Income Tax Act 2023, centring foreign direct investment in the country.
Md. Alamgir Hossain shared insights on simplification of the taxation system, increased transparency, and tax-net of the country. He focused on commitment to incorporate feedback from the stakeholders, if necessary.
Md. Farid Uddin highlighted that the proposed Finance Bill incorporated timely changes to the VAT and SD Act 2012 to remove ambiguities in certain provisions.
SMAC ASL Director Sukanta Bhattacharjee delivered concluding remarks of the event, thanking 200 guests, who were present in the event, and the team that organised the event successfully.
A list of recommendations on the basis of feedback - received from different stakeholders - would be sent to the NBR, ministries and other relevant authorities.
doulotakter11@gmail.com