Tax Structure

Tax Structure in Bangladesh

The tax structure in the country consists of both direct ( income tax gift tax, land development tax, non-judicial stamp, registration and immovable property tax, etc) and Indirect ( custom duty, excise duty, motor vehicle tax, narcotics and liquor duty, VAT, SD, Foreign travel tax, Turn over tax, Electricity duty, advertisement tax etc. ) Taxes.

Analysis of revenue Collection in Bangladesh

The analysis of revenue Collection in Bangladesh reveals that tax revenue accounts for 80 percent of government revenue and direct tax represent only about 19 % of total taxes. As per the national Budget 2010-11 the tax revenue target for the fiscal year 2010-11 has been set by the government to Tk-760.42 billion which was Tk-610.00 billion in the fiscal year 2009-10. From the analysis of National budget 2010-11, it can be seen that in the fiscal year 2010-11 revenue Collection from value added tax (vat) has been estimated at around Tk-270.92 billion ( 35.63% of the total tax), From import duty at Tk-108.85 billion ( 14.31% ), income tax at Tk- 210.05 billion (27.62% ), Supplementary duty at Tk-128.66 Billion (16.92%) and others 5.52% of the aggregate target. The salient fetuses of Bangladesh Tax systems are as follows:

I. Multiple tax system :

Multiple tansies means a tax system comparing reversal Types of Taxes they include both direct & Indirect taxes. The tax system of Bangladesh consists various types of taxes which are as follows :

A. Taxes on Income and Profit :

1. Income Tax - Company

2. Income tax- other than Company

B. Taxes on property & capital Transfer:

1. Estate Duty :

Estate duty is a tax on the total market value of persons assets ( cash and non- cash) at the date of his or her death.

2. Gift tax :

A gift tax is a tax on the transfer of property by one individual to another while receiving nothing or less than full value in return . The tax applies...