Transfer Pricing Cell to work from July 1

Transfer Pricing Cell will start functioning from July 1 at the National Board of Revenue (NBR) for preventing money laundering and tax evasion, the finance minister in his budget speech said.
Besides, three more taxpayers service centres will be opened in Rangpur, Bogra and Barisal very soon, while more taxpayers information & service centres will be opened in other important places across the country in phases, he said.
The minister also mentioned a set of measures for simplification and modernization of tax administration system, including e-payment system, e-TIN registration system and e-filing to develop a taxpayers-friendly revenue administration and motivate the taxpayers.
The measures also included: simplification of income tax return form, electronic tax deduction at source (e-TDS), tax administration retrieval system, paperless customs procedure, following policy and procedure of WCO, alternative dispute resolution (ADR), recognition of highest income taxpayers, recognition of highest vat-payers and arranging income tax fair and tax days.
The Value Added Tax and Supplementary Duty Act will be implemented from July 2015, the minister added.