Dhaka, March 4 -- New Income Tax Act 2023 has been passed repealing the old Income Tax Ordinance, 1984. One of the objectives was to make the new Act updated and appropriate considering the current economic condition of the country. As a concerned citizen of Bangladesh, we all should consider the pros and cons of the new Act and identify the anomalies affecting taxpayers.

ADDRESSING THE BAD PROVISIONS OF ACT: The Act has been introduced on June 23, 2023 with immediate effect without considering the implication on businesses, who maintaining their financial statements from July to June cannot follow the new law since old Ordinance has been followed for 11 (eleven) months or in some cases 6 (six) months.

The law suggests that the provisio...