“Omission of section 75 (1A) (g) in the income tax ordinance, 1984 by the Finance Act 2014 and its impact on the tax culture in Bangladesh”

Course Name: Income Tax Law of Bangladesh

Submitted To:
Jehad Uddin
Deputy Commissioner of Taxes,
Lecturer,
Department of Law and Human Rights

Submitted By:
Sharmin Akter
Registration No: 12111034
Roll No: 034

Date of Submission: 30/08/2014

2014
8/30/2014
“Omission of section 75 (1A) (g) in the income tax ordinance, 1984 by the Finance Act 2014 and its impact on the tax culture in Bangladesh”

Course Name: Income Tax Law of Bangladesh

Submitted To:
Jehad Uddin
Deputy Commissioner of Taxes,
Lecturer,
Department of Law and Human Rights

Submitted By:
Sharmin Akter
Registration No: 12111034
Roll No: 034

Date of Submission: 30/08/2014

2014
8/30/2014

Introduction:

Bangladesh is the lowest tax effort country among the developing country. This has important policy Implications that Bangladesh and other countries have low tax effort are not utilizing their full capacity of tax revenue, and therefore has the potential for financing budgetary imbalance through increasing tax revenue. Tax policy is the choice of a government as to what taxes to levy, in what amounts, and on whom. It has both microeconomic and macroeconomic aspects. The government develops Tax policy depending on the situation and economical aspects of the country. Sometimes it goes in the right way, but sometimes it creates some opportunities for Tax evasion.
Impact:
Idealistic policy and deficiency of execution of effective policies are the great problems in our country. In my own word, omission of Section 75 (1A) (g) ITO 1984, by F. A 2014 was impracticable in the Bangladesh perspective. In Bangladesh there are many individual taxpayers and corporations who are evading or avoiding tax. As a