Changes Introduced by Finance Act 2015

Important Changes Introduced

By

The Finance Act, 2015

This represents a brief summary of the important changes introduced by the Finance Act, 2015, both in the fields of Direct Tax and Indirect Taxes. As it would be evident from this summary that some of the existing provisions of taxation laws have been amended or rationalized. Our aim is to acquaint all interested users especially our clients and prospective investors, home and abroad, with the latest changes in the provisions of law.

Sl # Particulars Page #

Section I: Direct Tax………………………………………………………………………………….………..….1-15

1.0 Income Tax ................................................................................................................................. 1

1.01 Changes in the rates of income tax for Assessment year 2015-2016 over Assessment year 2014-

2015 for an individual, firm, NGO and association of persons are as follows: ............................. 1

1.02 Changes in the rate of surcharge .................................................................................................. 1

1.03 Exclusion from total income- Sixth Schedule (Part A) ................................................................. 2

1.04 Corporate Tax Rates ................................................................................................................... 3

1.05 Change in definition of income year [Section 2(35)] .................................................................... 3

1.06 Employer engaging expatriate employee at his business or profession without permission from

BOI or any competent authority will be liable to pay additional tax [Section: 16B(b)] .................. 4

1.07 Reduction in rate of minimum tax for an industrial undertaking engaged in manufacturing of

goods [Section: 16CCC] .............................................................................................................. 4

1.08 Deemed income- u/s 19.............................................................................................................. 4

1.09 Special tax treatment- u/s 19BBBBB ........................................................................................... 5

1.10 Voluntary disclosure of income [Section: 19E(3)(e)] .................................................................... 5

1.11 Income from business or profession [Section: 28(3)] ................................................................... 5

1.12 Obsolescence allowance for building, machinery, plant or any other fixed asset [Section: 29(1)

(xi)] ............................................................................................................................................. 6

1.13 Allowable limit of perquisite [Section: 30(e)]................................................................................ 6

1.14 Set off of losses [Section: 37] ....................................................................................................... 6

1.15 Tax holiday: ................................................................................................................................ 6

1.16 Changes in the provision of exemption of co-operative societies [Section: 47(1) (a & c)] ............. 6

1.17 Changes relating to deduction of tax at source: ............................................................................ 7

1.18 Collection of tax from shipping business of a resident [Section: 53AA] ....................................... 9

1.19 Collection of tax on transfer, etc. of property [Section: 53H] ..................................................... 10

1.20 Collection of tax from lease of property [Section 53HH] ........................................................... 10

1.21 Deduction of tax from dividend [Section: 54] ............................................................................ 10

1.22 Extension of time by the Deputy Commissioner of Taxes for submission of income tax return

[Section: 75] .............................................................................................................................. 10

1.23 Universal self-assessment [Section: 82BB (1) & (2)] ................................................................... 10

1.24 Amendments in tax on income of certain person [Section: 82C] ................................................ 10

1.25 Best judgment assessment [Section: 84] ..................................................................................... 11

1.26 Amendments in transfer pricing ................................................................................................ 11

1.27 Amendments in the chapter of imposition of penalty ................................................................ 11

1.28 Bar to imposition of penalty without hearing [Section: 130]....................................................... 12

1.29 Order of Appellate Joint Commissioner, etc., to be sent to the Deputy Commissioner of Taxes

[Section: 132] ............................................................................................................................ 12

1.30 Application for alternative resolution of dispute [Section: 152I] ................................................ 12

1.31 Appeal against order of DCT and IJCT [Section: 153] ............................................................... 12

1.32 Amendments in the chapter of offences or prosecution ............................................................ 13

1.33 Amendments in the requirement of certificate or acknowledgement receipt containing e- TIN

[Section: 184A] .......................................................................................................................... 13

1.34 Amendments in Third Schedule [Computation of depreciation allowance and amortization] ..... 13

1.35 Changes in Income Tax Rules, 1984 .......................................................................................... 13

1.36 Extension of reduced rate of tax for textile industry .................................................................. 15

1.37 Tax holiday period introduced for Bangladesh Security and Exchange Commission .................. 15

1.38 Modification of list of autonomous bodies income of which is subject to 25% income tax ........ 15

1.37 Salaries of Government officials will be subject to income tax ................................................... 15

1.39 Income tax rate for income from poultry, fisheries and few others ............................................ 15

1.40 has been incorporated as philanthropic institution ............................................. 16

Section II: Indirect Tax…………..………………………………………………………………….………...17-21

2.0 Value Added Tax (VAT) ........................................................................................................... 17

2.01 Change in the rules and obligation to participate in tender without registration [Section 19A)] .. 17

2.02 Assistance to Value Added Tax Officer [Section 24].................................................................. 17

2.03 Rights of authorized officers to enter into the premises of production, place of rendering of service, place of trading and place of residence and to inspect stock of goods, services and inputs

and to examine accounts and records [Section 26] ..................................................................... 17

2.04 Seizer of goods worth confiscation [section 27] ......................................................................... 17

2.05 Change in the offences and penalties [section 37] ...................................................................... 17

2.06 Assistant Director of Value Added Tax has also been empowered to search [section 48]........... 17

2.07 Change of place or status of business [rule 12(1)] ...................................................................... 17

2.08 Amendments in the deducting authorities of VAT [rule 18ka] ................................................... 17

2.09 Increase the period for credit of input VAT rebate in case of export [Rule 19] .......................... 18

2.10 Stamps used in declaration for zero tax rate and drawback facilities for backward linkage

industries [Rule 32A] ................................................................................................................. 18

2.11 Services provided by Government and non-government orphanages will be exempt from Value

Added Tax [Second schedule of VAT Act 1991] ....................................................................... 18

2.12 Supplementary Duty imposable goods and services [Third Schedule of VAT Act 1991] ............ 18

2.13 Addition and changes in definition of the following VAT related services through SRO no-120-

AIN/2015/726-Mushak dated 04 June 2015 ............................................................................. 19

2.14 Change in truncated rates .......................................................................................................... 19

2.15 VAT payment by small retailers and importer [S.R.O No. -124-AIN/2015/730-Mushak dated 04

June 2015] ................................................................................................................................. 19

2.16 VAT deduction at sources will not be applicable in case issuance or renewal of license of Jute or

Jute products business (S.R.O No. 128-Ain/2015/738-Mushak, dated 04 June 2015) ................ 20

2.17 Extension of tax exemption period up to 30 June 2017 from 30 June 2015 in case of local production of refrigerator, freezer and motor cycle and purchase of raw material of making these

as per S.R.O No-127-AIN/2015/733-Mushak dated 04 June 2015 ........................................... 20

2.18 Amendment of General Order No-06/Mushak/2007 regarding exemption of Value Added Tax on sample of medicine export has been increased to Tk. 100,000 from Tk. 30,000 vide General

Order No 08/Mushak/2015 dated 04 June 2015 ....................................................................... 20

3.0 Rate of Excise Duty under Excise duty and salt Act 1944 (S.R.O No-129-AIN/2015/314-Excise

dated 04 June 2015) ................................................................................................................... 20

4.0 Customs Duty ........................................................................................................................... 20

Section-I

DIRECT TAX

Important Changes Introduced by Finance Act, 2015 ________________________________________ Page | 1

1.0 Income Tax 1.01 Changes in the rates of income tax for Assessment year 2015-2016 over Assessment year

2014-2015 for an individual, firm, NGO and association of persons are as follows:

Assessment year 2015-2016 Assessment year 2014-2015

Annual income Income tax rate Annual income Income tax rate

First Tk. 250,000 Nil First Tk. 220,000 Nil

Next Tk. 400,000 10% Next Tk. 300,000 10%

Next Tk. 500,000 15% Next Tk. 400,000 15%

Next Tk. 600,000 20% Next Tk. 500,000 20%

Next Tk. 3,000,000 25% Next Tk. 3,000,000 25%

Balance amount 30% Balance amount 30%

Changes in tax exempted income of female taxpayers, senior male taxpayers, physically handicapped and gazetted war-wounded freedom fighters are as under:

Category Assessment year

2015-2016 Assessment year

2014-2015

All female taxpayers Tk. 300,000 Tk. 275,000

Senior male taxpayers of 65 years and above Tk. 300,000 Tk. 275,000

Physically handicapped taxpayers Tk. 375,000 Tk. 350,000

Gazetted war-wounded freedom fighters Tk. 425,000 Tk. 400,000

Minimum tax liability for any type of individual category of assessees has been changed in the following manner:

Location of assessee Assessment year


2014-2015

Assessees residing in Dhaka and Chittagong City Corporation

Tk. 5,000 Tk. 3,000

Assessees residing in other City Corporation Tk. 4,000

Assessees residing in Paurashabhas at district towns Tk. 3,000 Tk. 2,000

Assessees residing in areas other than those mentioned above

Tk. 3,000 Tk. 1,000

1.02 Changes in the rate of surcharge

Assessment year 2015-2016 Assessment year 2014-2015

Total net worth Rate Total net worth Rate

Up to 2.25 crore Nil Up to 2 crore Nil

Over Tk. 2.25 crore up to Tk. 10 crore 10% Over Tk. 2 crore up to Tk. 10 crore 10%

Over Tk. 10 crore up to Tk. 20 crore 15% Over Tk. 10 crore up to Tk. 20 crore 15%

Over Tk. 20 crore to up Tk. 30 crore 20% Over Tk. 20 crore up to Tk. 30 crore 20%


Over Tk. 30 crore 25% Over Tk. 30 crore 25%

Minimum surcharge has been fixed at Tk. 3,000 for the Assessment year 2015-2016, whereas there was no minimum surcharge for the Assessment year 2014-2015.

1.03 Exclusion from total income- Sixth Schedule (Part A)

Sl. Particulars Reference Assessment year


2014-2015

(i)

Income from dividend from a company listed in any stock exchange in Bangladesh

Para- 11A Up to Tk. 25,000 Up to Tk. 20,000

(ii) Gratuity income Para- 20 Up to Tk. 25,000,000 Fully exempted

(iii)

Any payment from Workers Profit Participation Fund established under Bangladesh Labor Act, 2006

Para- 21(d)

Received by workers as defined in section 2(65) of Labor Act, 2006

Received by all beneficiaries of Workers Profit Participation Fund

(iv) Income from mutual fund or unit fund up to Tk. 25,000

Para- 22A Any income Only dividend

income

(v)

Income received by an assessee from wage earners development bond, US dollar premium bond, US dollar investment bond, Euro premium bond, Euro investment bond, Pound sterling investment bond or Pound sterling premium bond

Para- 24A Fully exempted Taxable

(vi)

Income derived from the Information Technology Enabled Services (ITES) business and Nationwide Telecommunication Transmission Network (NTTN)

Para- 33 Fully exempted up to 30 June 2024

Fully exempted up to 30 June 2019

(vii) Income derived from the export of handicrafts

Para- 35 Fully exempted up to 30 June 2019

Fully exempted up to 30 June 2015

(viii) Income of an assessee donated in an income year by a crossed cheque or bank transfer to

any girls’ school or girls’ college (Para- 49), Technical and Vocational Training Institute approved by the Ministry of Education of the Government (Para- 50), or National Level Institution engaged in the Research & Development (R&D) of agriculture, science, technology and industrial development (Para- 51). (earlier only crossed cheque was mentioned).

(ix) Income classifiable under “Income from other source” other than bank interest or dividend received by any educational institution, if it-

1. is enlisted for Monthly Pay Order (MPO) of the Government; 2. follows the curriculum approved by the Government; 3. is governed by a body formed as per Government rules.

[Para- 52]


(x) Income received other than bank interest or dividend by any Public University, ICAB,

ICMAB and ICSB. [Para- 53] 1.04 Corporate Tax Rates

Tax rates of companies in some cases have been changed for the assessment year 2015-2016.

A brief picture of the corporate tax rates applicable for the assessment years 2015-2016 and 2014-2015 is shown in the table below:

SL # Corporate Category Assessment year

2015-2016 2014-2015

a.

Publicly traded companies (except banks, insurance companies, financial institutions, merchant banks, mobile phone operator companies and cigarette manufacturing companies)*

25% 27.5%

b.

Non-publicly traded companies (except banks, insurance companies, financial institutions, merchant banks mobile phone operator companies and cigarette manufacturing companies)**

35% 35%

c. i) Mobile phone operator companies (not publicly traded).

45% 45%

ii) Mobile phone operator companies (publicly traded by transfer of 10% share through stock exchange of which maximum 5% may be through pre-initial public offering).

40% 40%

d. Banks, insurance companies, financial institutions (except merchant banks) , publicly traded

40% 42.5%

e. Banks, insurance companies, financial institutions (except merchant banks) , not publicly traded

42.5% 42.5%

f. Merchant banks 37.5% 37.5%

g. Cigarette manufacturing companies publicly traded 45% 40%

h. Cigarette manufacturer other than companies 45% 45%

j. Any dividend received from a company 20% 20%

i. Co-operative society registered under the Co- operative Society Act 2001

15% Nil

* Unlike in the previous year, no rebate is allowed even if dividend is paid more than 30% of the share capital. The rate of income tax would be 35% if the company fails to declare or pay dividend at less than 10% of share capital within the specified time (60 days) has been withdrawn.

**Non-listed companies including mobile phone operator companies other than banks, insurance and other financial institutions, merchant banks and cigarette manufacturing companies will receive rebate of 10% in the year of listing if they list at least 20% of their paid up capital.

1.05 Change in definition of income year [Section 2(35)]

“Income year” means – a. The period beginning with the date of setting up of a business and ending with the thirtieth

day of June following the date of setting up of such business;


b. The period beginning with the date on which a source of income newly comes into existence and ending with the thirtieth day of June following the date on which such new source comes into existence;

c. The period beginning with the first day of July and ending with the date of discontinuance of the business or dissolution of the unincorporated body or liquidation of the company, as the case may be;

d. The period beginning with the first day of July and ending with the date of retirement or death of a participant of the unincorporated body;

e. The period immediately following the date of retirement, or death, of a participant of the unincorporated body and ending with the date of retirement, or death, of another participant or the thirtieth day of June following the date of the retirement, or death, as the case may be;

f. In the case of bank, insurance or financial institution the period of twelve months commencing from the first day of January of the relevant year; or

g. In any other case the period of twelve months commencing from the first day of July of the relevant year.

1.06 Employer engaging expatriate employee at his business or profession without permission

from BOI or any competent authority will be liable to pay additional tax [Section: 16B(b)] If an employer of an expatriate employee does not obtain permission from BOI or any competent authority, he will be charged additional tax at the rate of 50% of the tax payable on his income or Tk. 500,000, whichever is higher in addition to tax payable by him under the Ordinance.

1.07 Reduction in rate of minimum tax for an industrial undertaking engaged in manufacturing of goods [Section: 16CCC]

Minimum tax rate remains unchanged for companies and firms i.e. 0.30% on gross receipt. However, minimum tax at the rate of 0.10% on gross receipts shall be applicable for new industrial undertakings engaged in manufacturing of goods for the first 3 years since commencement of its commercial production.

1.08 Deemed income- u/s 19

a) Where any assesee other than company receives any loan from any person excluding a banking company or a financial institution otherwise than by a crossed cheque drawn on a bank or by bank transfer and the loan has not been paid back in full within 3 years from the end of the income year in which it is received, shall be deemed as “Income from other sources”. [Section: 19(21)]

b) Paid up capital shall include reserve and accumulated profit to compute deemed income under the head “Income from other sources” for purchasing motor car or jeep exceeding prescribed limit. [Section: 19(27)]

c) Insertion of new sub-sections 29, 30 and 31 in section 19:

Section 19(29): Where an assessee, during any income year, purchases on credit any material for the purpose of construction of building or house property or its unit and fails to pay the sum or any part thereof representing the liability in respect of such purchase, the sum or any


part thereof, which has not been paid in the following year in which such purchase was made, shall be deemed to be the income of the assessee for that income year classifiable under the head “Income from other sources”. Section 19(30): Where an assessee, in the course of any proceedings under this Ordinance, is found to have any sum or part thereof allowed or deducted but not spent in accordance with the provision of clause (h) of sub-section (1) of section 25 of this Ordinance, such unspent sum or part thereof shall be deemed to be the income of such assessee for that income year classifiable under the head “Income from house property”. Section 19(31): Where an assessee files a revised return under sections 78 or 93 and shows tax exempted income or income that is subject to reduced tax rate, so much of the excess as it exceeds the amount shown in the original return shall be deemed to be income for that income year classifiable under the head "Income from other sources".

1.09 Special tax treatment- u/s 19BBBBB

a) Any sum invested by any person in construction or purchase of any residential building or apartment shall be deemed to have been explained, if the assessee pays, before the assessment for the relevant assessment year, tax at the following rate:

Location of the Property

Assessment year (2015-2016)

Rate per sq. meter up to 200 Sq.

meter

Rate per sq. meter above 200 Sq. meter

Gulshan Model Town, Banani, Baridhara, Motijheel Commercial Area and Dilkusha Commercial Area of Dhaka.

Tk. 5,000 Tk. 7,000

Dhanmondi Residential Area, Defence Officers Housing Society (DOHS), Mahakhali, Lalmatia Housing Society, Uttara Model Town, Bashundhara Residential Area, Dhaka Cantonment, Kawran Bazar, Bijaynagar, Segunbagicha, Nikunja of Dhaka and Panchlaish, Khulshi, Agrabad and Nasirabad Area of Chittagong.

Tk. 4,000 Tk. 5,000

Other areas of City Corporation Tk. 2,000 Tk. 3,000

Paurasabha of any district headquarters Tk. 600 (previously

Tk. 1,000)

Tk. 800 (previously

Tk. 1,500)

Area other than aforementioned areas Tk. 400 (previously

Tk. 700)

Tk. 600 (previously

Tk. 1,000)

1.10 Voluntary disclosure of income [Section: 19E(3)(e)]

Voluntary disclosure of income as per section 19E will not be applicable to any income which is exempted from tax in the concerned income year or is chargeable to tax at a reduced rate in accordance with section 44 of the Income Tax ordinance, 1984.

1.11 Income from business or profession [Section: 28(3)]

Notwithstanding anything to the contrary contained in any other provisions of this Ordinance, in the case of Bangladesh Development Bank Ltd., Investment Corporation of Bangladesh, any financial institution and any commercial bank including the Bangladesh Krishi Bank and Rajshahi


Krishi Unnayan Bank, the income by way of interest in relation to such categories of bad or doubtful debts as the Bangladesh Bank may classify in the income year in which it is credited to its profit and loss account for that year or, as the case may be, in which it is actually received, whichever is earlier, shall be classified and computed under the head income from business or profession.

1.12 Obsolescence allowance for building, machinery, plant or any other fixed asset [Section:

29(1) (xi)]

Any building, machinery, plant or any other fixed asset not being imported software used by a business will be allowed an obsolescence allowance to the extent and computed in the manner specified in paragraph 10 of the 3rd Schedule in the year of sale, transfer or destroyed, demolished or discarded by a competent authority.

1.13 Allowable limit of perquisite [Section: 30(e)] Allowable limit of perquisite has been raised to Tk. 450,000 from Tk. 350,000.

1.14 Set off of losses [Section: 37]

No loss in respect of any income from any head shall be set off against any income from manufacturing of cigarette.

1.15 Tax holiday: (a) Widening of the scope of industrial undertaking [Section: 46B(2)] Automobile manufacturing industry, bi-cycle manufacturing industry, tyre manufacturing industry and brick made of automatic Tunnel Kiln technology shall be classified as industrial undertaking. (b) Change in the provision in relation to the withdrawal of tax holiday [Section: 46B(11) and

46C(9)] Exemption in respect of tax holiday shall stand withdrawn for the relevant assessment year, if any industrial undertaking or physical infrastructure employs any expatriate employee without prior permission of BOI or any competent authority of the Government.

1.16 Changes in the provision of exemption of co-operative societies [Section: 47(1) (a & c)]

The following income of co-operative society shall now be subject to payment of tax which was earlier exempt from tax: i. Income from its dealings with its member involving sale of goods, lending of money or

lease of buildings and land which is for personal use of such member, or where such member is a firm or association of persons for the personal use of the partners or members thereof.

ii. Income from interest and dividends derived from its investments with any other co-operative society.


1.17 Changes relating to deduction of tax at source:

Sl #

Particulars Section Financial year 2015-

2016

Financial year 2014-

2015

Insertion of new section

1. Payment by real estate developer to land owner on account of signing money, subsistence money, house rent or in any other form called by whatever name for the purpose of development of land of such owner

53P 15% N/A

2. Collection of tax on maximum retail price from cigarette manufacturers at the time of collection of VAT

52B(2) 3% N/A

Amendments in the existing sections

1. Salaries of government employees 50(1)(A) and

50(1)(B)

Average rate on income from salaries

Average rate on basic salary

2. Interest on Treasury bill and Treasury bond 51 N/A 5%

3. Catering services 52AA 10% 10%

4. Cleaning service (a) commission (b) gross receipts

52AA

10% 1.5%

10%

5. Collection and recovery agency (a) commission (b) gross receipts

52AA

10% 1.5%

10%

6. Credit rating agency 52AA 10% 10%

7. Event management (a) commission (b) gross receipts

52AA

10% 1.5%

10%

8. Indenting commission 52AA 7.5%

7.5% (Rule 17)

9. Meeting fees, training fees or honorarium 52AA 10% N/A

10. Mobile network operator, technical support service provider or service delivery agents engaged in mobile banking operations

52AA 10% 10%

11. Private security service provider (a) commission (b) gross receipts

52AA

10% 1.5%

1.5%

12. Product processing charge 52AA 10% 10%

13. Shipping agency commissions 52AA 5%

5% (Rule 17)

14. Stevedoring/berth operation commission 52AA 10% 10%

15. Supply of manpower (a) commission (b) gross receipts

52AA

10% 1.5%

10%

16. Any other service which is not mentioned in Chapter VII of this Ordinance and is not a service provided by any bank, insurance or financial

52AA 10% 10%


Sl #


2016


2015

institutions

17. Interest or profit arising from Wage earners development bond, US Dollar premium bond, US Dollar investment bond, Euro premium bond, Euro investment bond, Pound sterling premium bond or Pound sterling investment bond

52D N/A 5%

18. Payment related to local letter of credit (L/C) and any other financing agreement in respect of purchase or procurement of computer or computer accessories, jute, cotton and yearn

52U N/A 3%

19. Dealer’s promotional charges or fees or commission or any other payment called by whatever name

53E(1) 10% N/A

20. Interest or share of profit to a public university, an educational institution whose teachers are listed for Monthly Pay Order MPO, following the curriculum approved by government whose governing body is formed as per government rules and regulations or professional institution established under the law of ICAB, ICMAB and ICSB

53F(1) (c)

10% N/A

21. Accounting or tax consultancy 56(1) 20% Not existed

22. Advertisement making 56(1) 15% Not existed

23. Advertisement broadcasting 56(1) 20% Not existed

24. Advisory or consultancy service 56(1) 30% Not existed

25. Air transport or water transport 56(1) 7.5% Not existed

26. Architecture, interior design or landscape design 56(1) 20% Not existed

27. Artist, singer or player 56(1) 30% Not existed

28. Capital gain received: a) From capital assets (not being securities

listed with stock exchange)

b) By a company or firm if such gain arises from securities listed with any stock exchange in Bangladesh which is not exempted from tax in the country of such non-resident

56(1)

15%

10%

Not existed

29. Certification 56(1) 30% Not existed

30. Charge or rent for satellite, airtime or frequency 56(1) 20% Not existed

31. Contractor, sub-contractor or supplier 56(1) 5% Not existed

32. Courier service business of a non-resident 56(1) 15% 15%

(Section 53CC)

33. Dividend: (a) company (b) any other person, not being a company

56(1)

20% 30%

Not existed


Sl #


2016


2015

34. Insurance premium 56(1) 10% Not existed

35. Interest, royalty or commission 56(1) 20% Not existed

36. Legal service 56(1) 20% Not existed

37. Machinery rent 56(1) 15% Not existed

38. Management or event management 56(1) 20% Not existed

39. Pre-shipment inspection service 56(1) 30% Not existed

40. Professional service, technical services fee, technical know-how fee or technical assistance fee

56(1) 20% Not existed

41. Salary or remuneration 56(1) 30% Not existed

42. Exploration or drilling in petroleum operations 56(1) 5.25% Not existed

43. Survey for oil or gas exploration 56(1) 5.25% Not existed

44. Any service for making connectivity between oil or gas field and its export point

56(1) 5.25% Not existed

45. Any other payments 56(1) 30% Not existed

Withdrawal of rate

1. Gains of securities traded in the Stock Exchanges 53O N/A 10%

Reduction of rate

1. Motor garage or workshop 52AA 5% 10%

2. Printing service 52AA 3% 10%

3. Private container port or dockyard service 52AA 5% 10%

4. Transport provider 52AA 3% 10%

5. Collection of tax from travel agent by any person responsible for paying on behalf of any airlines

52JJ 0.3% 3%

Increase of rate

1. Contract or toll manufacturing 52AA 10% Rule 16

2. Collection of tax from manufacturer of soft drinks

52S 4% 3%

3. Collection of tax from export 53BB 0.6%

0.3% (SRO No. 68/AIN/2014 dated 22 April, 2014)

4. Commission or remuneration paid to an agent of foreign buyer

53EE 10% 7.5%

5. Advertising bill of newspaper or magazine or private television channel or private radio station

53K 4% 3%

1.18 Collection of tax from shipping business of a resident [Section: 53AA]

Commissioner of Customs or any other authority shall not grant port clearance to a ship owned or chartered by a resident assessee unless a certificate (corresponding Rule- 62A) is received in prescribed manner from the DCT concerned and tax is not collected at the rate of 5% of total proceed received or receivable in or out of Bangladesh.


1.19 Collection of tax on transfer, etc. of property [Section: 53H]

For the purpose of Section 53H(2) treating exclusively Bangladesh House Building Finance Corporation and Bangladesh Development Bank Limited as financial institution has been omitted.

1.20 Collection of tax from lease of property [Section 53HH]

Any registering officer shall not register the document of lease of immovable property for not less than ten years from any authority formed or established under any law or from any individual, firm, Hindu undivided family, company or artificial juridical person unless tax is paid at the rate of 4% on the lease amount of such property by the person being lessor.

1.21 Deduction of tax from dividend [Section: 54]

The existing section has been replaced as below:

The principal officer of a company registered in Bangladesh or of any other company shall deduct tax from amount of such dividend at the time of paying any dividend to a shareholder to both a resident and a non-resident Bangladeshi- (a) If the shareholder is a company, at the rate applicable to a company; (b) If the shareholder is a person other than a company, at the rate of ten per cent (10%) where

the person receiving such dividend furnishes his twelve-digit Taxpayer's Identification Number (TIN) to the payer or fifteen per cent (15%) where the person receiving such dividend fails to furnish his twelve-digit Taxpayer's Identification Number (TIN) to the payer.

1.22 Extension of time by the Deputy Commissioner of Taxes for submission of income tax return [Section: 75]

The Deputy Commissioner of Taxes may extend the date of submission of return up to two months (earlier it was 03 months) from the stipulated date and he may further extend the date up to two months (earlier it was 03 months) with the approval of the Inspecting Joint Commissioner of Taxes.

1.23 Universal self-assessment [Section: 82BB (1) & (2)]

In the case of submission of income tax return under universal self-assessment scheme, a scrutiny assessment procedure has been introduced maintaining normal selection of audit procedures.

An acknowledgement receipt provided by the DCT shall be treated as an assessment order as previous years. However, the DCT shall issue a demand notice upon correction of arithmetical error or incorrect claim stated in the submitted tax return after adjusting tax deducted at source, advance income tax paid and income tax paid under section 74. This process shall be done by the DCT within 12 months from the end of the financial year of the return submitted.

1.24 Amendments in tax on income of certain person [Section: 82C]

Deduction of tax on savings instruments

Deduction of tax on savings instruments at the rate of 5% shall be treated as final discharge of tax liability. [clause eee] Collection of tax from travel agent

Collection of tax at the rate of 0.3% from travel agent under section 52JJ shall be treated as final discharge of tax liability. [clause eeee]


Collection of tax from export of goods as specified in section 52BBBB Collection of tax of the total export proceeds at the rate of 0.60% export of goods under section 52BBBB shall be treated as final discharge of tax liability. [clause kk] Collection of tax from commission or remuneration paid to agent of foreign buyer Collection of tax from commission or remuneration paid to an agent of a foreign buyer at the rate of 10% under section 53EE shall be treated as final discharge of tax liability. [clause mmm] Deduction of tax from interest on saving deposit and fixed deposits etc. Deduction of tax at the rate of 10% under clause (c) of sub-section 1 of section 53F on interest or share of profit of saving deposits of public university, MPO enlisted educational institutions, ICAB, ICMAB and ICSB shall be treated as final discharge of tax liability. [clause mmmm] Exclusion from final discharge of tax liability

Tax deduction from gas distribution company shall not be treated as final discharge of tax liability.

1.25 Best judgment assessment [Section: 84]

The provision of refusal or cancelation of registration of a firm under the best judgment assessment has been omitted.

1.26 Amendments in transfer pricing

Report from an accountant to be furnished in case of international transaction [Section: 107F]

Transfer pricing report by a Chartered Accountant or a Cost and Management Accountant shall require to be submitted to the DCT if instructed in the notice.

Penalty for failure to furnish statement of international transactions [Section: 107HH]

Failure to furnish statement of international transactions along with the return of income may result in a penalty of maximum 2% on the value of international transaction.

1.27 Amendments in the chapter of imposition of penalty

Penalty for failure to file return [Section: 124]

Failure to file income tax return may result in a penalty of 10% of last assessed tax or Tk. 1,000; whichever is higher. However, in case of an individual, penalty shall not exceed:

Tk. 5,000 whose income was not assessed previously,

Tk. 1,000 or 50% of the tax payable on the last assessed income; whichever is higher.

Penalty for failure to verify the authenticity of e-TIN [Section: 124AA]

Where a person, responsible for verification of the authenticity of twelve-digit Taxpayer’s Identification Number (TIN) in accordance with the provision of sub-section (2) of section 184A of this Ordinance, has, without reasonable cause, failed to comply with such requirement under that provision, the Deputy Commissioner of Taxes or any other income tax authority authorized by the Board for this purpose, as the case may be, may impose upon such person a penalty not exceeding taka fifty thousand.


Penalty for failure to pay on the basis of return [Section: 127]

Failure to pay balance tax under section 74 may result in a penalty at the rate of 25% on the tax payable or the shortage amount of tax payment. Penalty for furnishing fake audit report [Section: 129B]

A penalty of Tk. 100,000 shall be imposed upon an assessee if any audit report furnished by him is not signed by a chartered accountant or is believed to be false.

1.28 Bar to imposition of penalty without hearing [Section: 130]

No order imposing a penalty under this chapter (Chapter XV: Imposition of penalty) or chapter XIA (Transfer pricing) shall be made on any person unless such person has been heard or has been given a reasonable opportunity of being heard. Earlier this was only applicable in the case of Chapter XV: Imposition of penalty.

1.29 Order of Appellate Joint Commissioner, etc., to be sent to the Deputy Commissioner of

Taxes [Section: 132]

The Appellate Joint Commissioner or the Commissioners (Appeals) or the Appellate Tribunal or any other tax authority making an order imposing any penalty under this chapter (Chapter XV: Imposition of penalty) or chapter XIA (Transfer pricing) shall forthwith send a copy of the order to the Deputy Commissioner of Taxes, and thereupon all the provisions of this Ordinance relating to the recovery of penalty shall apply as if such order were made by the Deputy Commissioner of Taxes. Earlier this was only applicable in the case of Chapter XV: Imposition of penalty.

1.30 Application for alternative resolution of dispute [Section: 152I]

If an assessee wants to apply for ADR of a dispute pending before any income tax authority, tribunal or court, he shall take permission of the concerned income tax authority, tribunal or the court.

1.31 Appeal against order of DCT and IJCT [Section: 153]

Clause (d) of section 153(1) regarding the refusal to register a firm or cancellation of registration under section 84 (Best Judgment Assessment) has been deleted. Clause (e) of section 153(1) has been changed as follows: Any assesse not being a company can appeal to the Appellate Joint Commissioner of Taxes against the order of DCT and Inspecting Joint Commissioner of Taxes if he is aggrieved by the order of imposition of penalty under chapter XIA, chapter XV and under section 137 of chapter XVI. Section 153(1A) (b) has been changed in the following manner: Any assesse being company, if aggrieved by the order of DCT and Inspecting Joint Commissioner of Taxes regarding imposition of penalty under chapter XV or XIA or section 137, may appeal to the Appellate Joint Commissioner of Taxes. Subsection (3) of section 153 has been changed as follows: No appeal shall lie against any order of assessment under this section unless the tax payable on the basis of return under section 74 has been paid.


1.32 Amendments in the chapter of offences or prosecution

Punishment for furnishing fake audit report [Newly introduced section: 165AA]

Imprisonment between 3 months and 3 years or a fine up to Tk. 100,000 or both shall be imposed on a person furnishing an audit report which is false or does not conform with signature of a chartered accountant purported to be signatory to such statement.

Penalty for unauthorized employment [Newly introduced section: 165C]

Imprisonment between 3 months and 3 years or a fine up to Tk. 500,000 or both shall be imposed on the person employing or allowing working any foreign individual without prior approval from the BOI or a competent authority of the government.

1.33 Amendments in the requirement of certificate or acknowledgement receipt containing e-

TIN [Section: 184A]

Obtaining e-TIN is not mandatory for non-resident foreign directors or foreign sponsor shareholders of a company incorporated in Bangladesh.

Obtaining e-TIN is compulsory for the parents of the students of English medium school, situated in any city corporation or any paurasabha of district headquarter, following international curriculum.

1.34 Amendments in Third Schedule [Computation of depreciation allowance and amortization]

Depreciation at 10% is now allowed on imported computer software.

Tk. 2,500,000 instead of tk. 2,000,000 is now allowable as acquisition cost of motor vehicles. 1.35 Changes in Income Tax Rules, 1984

(a) Gas distribution company [Rule-16]:

In case of company engaged in gas distribution, the rate of income tax deduction would be 3% on any amount.

(b) Deduction of tax from indenting and shipping agency commission [Rule 17]: The provision of tax deducted at source from indenting and shipping agency commission has been shifted to section 52AA.

(c) Collection of tax from importers [Rule 17A]: For the purpose of making collection of tax under section 53 of the Ordinance, the Commissioner of Customs or any appropriate officer shall collect tax in the case of any import of goods at the following rate:

(i) 5% on the value of the imported goods in case of import of goods excluding the goods mentioned in clause (ii) and clause (iii)

(ii) 2% on the value of the imported goods in the case of import of goods some of which are specified below:

Petroleum oils and oils obtained from bituminous minerals crude (H.S. Code 2709.00.00)

Motor spirit of H.B.O.C type (H.S. Code 2710.12.11)

Other motor spirits, including aviation spirit (H.S. Code 2710.12.19)

Naptha (H.S. Code 2710.12.39) etc.


(iii) Taka 800 per ton in case of import of specified products some of which are mentioned below:

Ferrous products obtained by direct reduction of iron ore and/or similar (H.S. Code 7203)

Ferrous waste of and scrap, remelting scrap ingots of iron or steel (H.S. Code 72.04.10.00, 72.04.21.00, 7204.29.00, 7204.30.00, 7204.41.00, 7204.49.00, 7204.50.00) etc.

Provided further that where the Board is satisfied that an importer is not likely to have any taxable income during any period or the income is otherwise exempted from payment of income tax under any provision of the Ordinance, it may, on application by such importer, exempt such person from payment of tax for the period during which income of such importer is not likely to be assessable or is exempted from payment of tax.

(d) Issuance of certificate to the person from whom tax has been deducted [Rule18]: Deducting authority shall issue a certificate as required as per section 58 of the Ordinance to the person from whom tax has been deducted under section 49 (1) (c), (h) or (r) of the Ordinance within two weeks of the month following the month in which the deduction was made.

(e) Issuance of certificate to the person from whom tax has been deducted [Rule18A]: Deducting authority shall issue an annual certificate as per section 50(1B) of the Ordinance regarding deduction of tax under section 50(1A) within two weeks of the month following the month in which the deduction was made.

(f) Return if withholding tax has been modified [Rule 24A]: Format of Return of withholding Tax to be filed by a company under section 75A of the Ordinance has been modified inserting new heads.

(g) House rent allowance [Rule 33A]:

Exemption of House Rent Allowance has been increased to Tk. 25,000 per month from Tk. 20,000 per month or 50% of basic salary, whichever is lower.

(h) Conveyance facilities to employees [Rule 33D]:

Where conveyance facilities are provided partly or exclusively to an employee for personal or private purposes, an amount equivalent to Tk. 60,000 per annum or 5% of basic salary whichever is higher shall be added to his/her income.

(i) Medical allowance [Rule 33I]: Exemption of medical allowance has been raised up to Tk. 120,000 (previously Tk. 60,000) or 10% of basic salary, whichever is lower.

(j) Change in recognition of association of accountants, registration of income tax practitioners, etc., by the Board [Rule 37]:

The chartered accountants and cost and management accountants of Institute of Chartered Accountants of England and Wales, Scotland, London, Pakistan and India shall not be eligible to provide income tax advisory service in Bangladesh. Only Bangladeshi Chartered Accountants and Cost and Management Accountants are eligible to be authorized representative to income tax authority.


(k) Form of certificate for deduction of income tax from shipping business of a resident [Rule

62A]: For the income tax deducted at source under section 53AA of the Ordinance by the Commissioner of Customs or any other authority, a certificate has to be issued by the Deputy Commissioner of Taxes in prescribed manner as per Rule 62A.

(l) Change in information and documents to be kept and maintained under section 107E [Rule 73]: Instead of the document for the manner of choosing tested party including the rationale for choice (clause q), the list of database utilized has to be kept and maintained.

(m) Report from a certified accountant to be furnished under section 107F [Rule 74]: The above rule has been omitted.

(n) Change in the form of report from a certified accountant to be furnished under section 107F [Rule 75]:

A new format has been introduced for the report from a certified accountant to be furnished under section 107F.

1.36 Extension of reduced rate of tax for textile industry

Imposition of tax at the reduced rate of 15% for textile and jute industry has been extended to 30 June 2019 vide SRO No. 193/Ain/Income Tax/2015 dated 30 June, 2015 and 194/Ain/Income Tax/2015 dated 30 June, 2015.

1.37 Tax holiday period introduced for Bangladesh Security and Exchange Commission

Income of Bangladesh Security and Exchange Commission will avail tax holiday for a period of 05 years vide SRO No. 195/AIN/Income Tax/2015 dated 30 June, 2015 in the manner as follows:

Tax Holiday period Tax exemption rate

1st year 100%

2nd year 80%

3rd year 60%

4th year 40%

5th year 20%

1.38 Modification of list of autonomous bodies income of which is subject to 25% income tax

Bangladesh Road Transport Authority (BRTA) and Bangladesh Securities and Exchange Commission (BSEC) have been removed from the list of autonomous bodies income of whose is subject to 25% income tax vides SRO No. 197/AIN/Income Tax/2015 dated 30 June, 2015.

1.37 Salaries of Government officials will be subject to income tax

Basic Salary, Festival bonus and bonus of the Government employees will be subject to income tax vide SRO. 198-AIN/Income Tax/2015 dated 30 June, 2015

1.39 Income tax rate for income from poultry, fisheries and few others

Income tax rate for income from poultry (except fisheries) and few others as mentioned in the SRO no 199/ain/Income Tax/2015 dated 30 June, 2015 is as below.


On first Tk. 1,000,000 3%

Next 2,000,000 10%

Above 3,000,000 15%

1.40 has been incorporated as philanthropic institution

As per SRO No. 116-ain/Income Tax/2015 dated 04 June, 2015 has been

incorporated as Philanthropic Institution approved by Government and donation to those will avail investment allowance as per para 22 of 6th Schedule Part B of Income Tax Ordinance 1984.


Section-II

INDIRECT TAXES

2-Value Added Tax

3-Excise Duty

4-Customs Duty


2.0 Value Added Tax (VAT) 2.01 Change in the rules and obligation to participate in tender without registration [Section

19A)]

No person would be able to take part in any tender or no work order can be issued in favor of him without VAT registration or being enlisted for turnover tax (earlier person listed under turnover tax was not addressed).

2.02 Assistance to Value Added Tax Officer [Section 24]

An Assistant Director of Value Added Tax is empowered like an Assistant Commissioner of Taxes to ask for supply of document with regard to Value Added Tax issues as stated in the said section of VAT Act, 1991.

2.03 Rights of authorized officers to enter into the premises of production, place of rendering

of service, place of trading and place of residence and to inspect stock of goods, services and inputs and to examine accounts and records [Section 26]

An Assistant Director of Value Added Tax is empowered like an Assistant Commissioner of Taxes to inspect or enter into business premises and other places regarding Value Added Tax issues as stated section 26 of VAT Act, 1991.

2.04 Seizer of goods worth confiscation [section 27]

An Assistant Director of Value Added Tax is empowered like an Assistant Commissioner of Taxes to seize goods concerning Value Added Tax issues as stated section 27 of VAT Act, 1991.

2.05 Change in the offences and penalties [section 37]

If any registered person receives any goods or services without VAT Challan, his such activity will be an offence under section 37(2) of the VAT Act, 1991. In addition, any attempt to evade Value Added Tax by not incorporating information regarding the purchase of inputs within 48 hours (previously it was 24 hours) in the purchase register will be an offence under section 37(2) of the VAT Act, 1991.

2.06 Assistant Director of Value Added Tax has also been empowered to search [section 48]

Assistant Director of Value Added Tax has been included in the list of the persons empowered to search under the section 48 of the VAT Act, 1991.

2.07 Change of place or status of business [rule 12(1)]

The following requirement needs to be fulfilled before changing business place or status of any VAT registered person:

Particulars Financial year 2015-2016 Financial year 2014-2015

Non-judicial stamp Undertaking in Tk. 300 non-judicial stamp

Undertaking is under Tk. 150 non-judicial stamp

2.08 Amendments in the deducting authorities of VAT [rule 18ka]

Organization having annual turnover exceeding Taka 1 (One) crore is also given responsibility to deduct VAT at sources in addition to any other authorities as empowered earlier.


2.09 Increase the period for credit of input VAT rebate in case of export [Rule 19]

As per sub-rule (4) of rule 19, a registered person supplying taxable goods and exporting such goods can take credit of input VAT within five successive VAT periods following the completion of the VAT period instead of earlier two periods.

2.10 Stamps used in declaration for zero tax rate and drawback facilities for backward linkage industries [Rule 32A]

In case of drawback on VAT paid on the goods or services, supplier shall declare in non-judicial stamps of Tk. 300 (earlier it was Tk. 150 stamps).

2.11 Services provided by Government and non-government orphanages will be exempt from Value Added Tax [Second schedule of VAT Act 1991]

Any service provided by any “Government and non-government orphanages” will be exempted from VAT payment as per new clause (Jha) of paragraph 2 of Second schedule under “Social welfare services”. Earlier, this type of organization was not included in the list of VAT exempted services.

2.12 Supplementary Duty imposable goods and services [Third Schedule of VAT Act 1991]

Changes (increase, decrease or exclusion) in rate of supplementary duty of some of important items of goods are as follows:

Description of services Rate for Financial

year 2015-2016 Rate for Financial

year 2014-2015

Liquid glucose 20% 30%

Finished chocolate(block, slab or bar size) 20% 30%

Sweet biscuits 45% 60%

Mosquito coil; aerosol; mosquito repellent 20% 30%

Printed books, Brochures, leaflets, similar printed matter in single sheets, whether or not folded

10% 15%

Cartons, boxes and cases, of corrugated paper and paperboard

10% 15%

Toilet paper, tissue paper, towel or napkin or similar products, commodities, sanitary or similar work usages

30% 45%

Printed photo, other printed products along with photograph

10% 15%

Frozen prawn 20% 15%

Butter and other milk made fat and oil, dairy spreads

20% 15%

Frozen and cold tomato 20% 15%

Other goods which are used to produce soft drinks 20% 0%

Filter 20% 15%

SIM card 20% 15%

Revolver and pistol: Others 150% 100%

Seats of a kind used for motorcycle 20% 15%


Moreover, 3% Supplementary Duty (SD) has been imposed on cellular phone services.

2.13 Addition and changes in definition of the following VAT related services through SRO no-120-AIN/2015/726-Mushak dated 04 June 2015

“Training on beautification” has been added in the definition of “coaching center”. In addition, the following two services have been introduced:

Service code

Name of the services

Definition

S099.50 Product sale

through online

“Online product sales” means sale or purchase of any goods and services using electronic network and transfer of money and information under the same system including any activities performing by any person engaged in supplying goods and services under this program.

S099.60 Credit rating

agency

“Credit rating agency” means any person or organization or institutions engaged in reviewing the financial position of any person or organization or any institution to measure the ability of loan repayment.

2.14 Change in truncated rates

The rate of truncated Value Added Tax in some cases has been increased/decreased vide SRO No. 123-AIN/2015/729-Mushak dated 04 June 2015 and SRO. 221-AIN/2015/740-Mushak dated 01 July, 2015 as provided below:

SL No.

Service Code

Name of service Rate for Financial year 2015-2016

Rate for Financial

year 2014-2015

1

S010.20

Building construction Organization: Total receipt from sale or transfer of:

3% 1- 1,100 sq. feet 1.5%

1,101-1,600 sq. feet 2.5%

Over 1,600 sq. feet 4.5%

2 S026.00 Goldsmith 5% 3%

3 S037.00 Procurement Provider 5% 4%

4 S070.10 Private University 7.5% Nil

5 S070.20 Private Medical and Engineering College

7.5% Nil

2.15 VAT payment by small retailers and importer [S.R.O No. -124-AIN/2015/730-Mushak

dated 04 June 2015]

Minimum VAT for small retailers has been changed as follows:

Area Rate for Financial

year 2015-2016 (BDT)

Rate for Financial year 2014-2015

(BDT)

Dhaka North, Dhaka South and Chittagong City Corporation

14,000 11,000

Other City Corporations 10,000 8,000

Municipal of any District 7,200 6,000


Any other area of Bangladesh 3,600 3,000

The rate of VAT for super shops has been increased to 4% as compared to previous rate of 2%.

2.16 VAT deduction at sources will not be applicable in case issuance or renewal of license

of Jute or Jute products business (S.R.O No. 128-Ain/2015/738-Mushak, dated 04 June 2015)

In case of issue of license or renewal of license of jute or jute products business there will be no deducting of VAT.

2.17 Extension of tax exemption period up to 30 June 2017 from 30 June 2015 in case of local production of refrigerator, freezer and motor cycle and purchase of raw material of making these as per S.R.O No-127-AIN/2015/733-Mushak dated 04 June 2015

2.18 Amendment of General Order No-06/Mushak/2007 regarding exemption of Value Added Tax on sample of medicine export has been increased to Tk. 100,000 from Tk. 30,000 vide General Order No 08/Mushak/2015 dated 04 June 2015

3.0 Rate of Excise Duty under Excise duty and salt Act 1944 (S.R.O No-129-AIN/2015/314-Excise dated 04 June 2015)

Description of services Rate for

Financial year 2015-2016 (BDT)

Rate for Financial year

2014-2015 (BDT)

Services rendered by Bank or Financial Institute-

In cases where the balance, credit or debit does not exceed Tk. 20,000 at any time during a year

Nil Nil

In cases where the balance, credit or debit exceeds Tk. 20,000 but does not exceed Tk. 100,000 at any time during a year

150 120

In cases where the balance, credit or debit exceeds Tk. 100,000 but does not exceed Tk. 1,000,000 at any time during a year

500 350

In cases where the balance, credit or debit exceeds Tk. 1,000,000 but does not exceed Tk. 10,000,000 at any time during a year

1,500 1,000

In cases where the balance, credit or debit exceeds Tk. 10,000,000 but does not exceed Tk. 50,000,000 at any time during a year

7,500 5,000

Whether credit or debit exceeds Tk. 50,000,000 at any time during the year

15,000 10,000

Services rendered by Airline-

Airline ticket per single seat journey in domestic route 500 300

Airline ticket per sit single journey in international route

a) For SAARC countries 500 300

b) For other countries of Asia 1,000 500

c) For Europe, USA and rest of the World 1,500 1,000

Foreign national of diplomatic class, showing his/her diplomatic passport at the Airline Ticket counter and check-in counter

Nil Nil

4.0 Customs Duty

Changes (increase or decrease) in the rate of customs duty of some of the important items at import stage are shown below:


Description of products Rate for Financial

year 2015-2016 Rate for Financial

year 2014-2015

Onion 0% 5%

Copying machines and facsimile machines 5% 10%

Automated teller machine 5% 10%

Solar powered lantern/lamps 0% 25%

Metal frames for LCD/LED TV panel imported by VAT registered TV manufacturer

10% 10%

Parts imported by VAT registered electrical goods manufacturers

5% 10%

Belts and bandoliers 25% 10%

Other computer software (Customized) 5% 2%

LCD/LED panel of Heading 85.28 without PCB imported by VAT registered TV manufacturing industry

25% 10%

Optical fiber cables 10% 5%

Blood transfusion set 10% 5%

Feeding tube 10% 5%

Urine drainage bag 10% 5%

Other LED lamps and bulb 25% 5%

THE END

Important Changes Introduced by Finance Act, 2015 Page | 1

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Changes Introduced by Finance Act 2015

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