High School High Homecoming Dance Essay - 1624 Words

The year was 2010, the setting was a high school gymnasium, and the scene was a junior high homecoming dance. The students of Dawson Boyd School had just finished dancing enthusiastically (if somewhat awkwardly) to Soulja Boy when the DJ announced that the next song would be a slow dance–the first of the night. The tension in the room could be cut with a plastic butter knife. To make matters worse, the DJ thought it would be a great idea to have the girls ask the boys to slow dance. At this point, my twelve year old self was shaking in her Ugg boots and sweating through her plaid button down from Hollister. Seventh grade was an awkward year for me; I was taller than most of the boys and not quite yet comfortable in my skin. I was sure that I was about to be rejected, but my mama didn’t raise a quitter, so I confidently strode over to the tallest boy in my grade and asked him to dance. Luckily for me, not only did he say yes, but he also asked me to dance during every sl ow song thereafter. It was just about the most romantic thing that could happen to a seventh grader and it didn’t go unnoticed by our classmates. After being pressured to date throughout the whole night, he finally asked me out during the last song. After that, our love blossomed. He would hold my hand in the hallways, write me notes in class, and give me compliments, just like in the movies. At the time, I took this to mean that we were in love, though it’s easy to see in hindsight that what we shared wasShow MoreRelatedMy Participation in the ASB to Raise School Spirit at Homecoming543 Words   |  3 Pagesas hundreds of students engulfed the area for the Homecoming dance. For the preceding months, I had spent numerous hours quarreling with members of the ASB Executive Council, trying to formulate a plan to diminish the apathy that pervaded our school. The student morale was at an all time low, and the administration had lost confidence in the ability of ASB to successfully conduct school events.? As ASB President, I knew that the week of Homecoming needed to be the pivotal experience that would electrifyRead MoreMy First Love During High School996 Words   |  4 Pageswith a lot of pain more than I ever thought I could endure. It was my junior year in high school and at that time I was sixteen and I thought that I would not be the person to date during high school. The first time I had met him was at lunch and my friend Gabbie introduced me to him. He had short brown hair and brown eyes and he seemed kind of cute and funny to me. Then my friend started to go to one of her school activities during lunch and she was my only friend who had the same lunch as me. I decidedRead MoreGraduation Speech : High School867 Words   |  4 Pages Many people have different high school experiences or stories about when they finally felt like a highschooler or felt like they belonged. Some people might not even have had that experience yet and are still trying to belong at Wahlert Catholic High School. Personally, I have had many experiences when I finally felt like a high schooler. Such as my first year playing on the Wahlert Freshman Baseball team, talking to upperclassmen, my first year playing on the Wahlert Freshman Basketball team, orRead MorePersuasive Essay On High School Cheerleading1512 Words   |  7 PagesAt the end of an 8th-grade year, the office called any girls wanting to try out for high school cheer. HIGH SCHOOL CHEER!! The next step of cheer, cheering at the football games, basketball games. I was excited to try out for high school cheerleading. Even cheering with upper classmen! The paper that was given to us had a bunch of words on it, it gave us choices like: â€Å"Just Football†, â€Å"Just Basketball†, â€Å"Football and Basketball†, and another one that said, â€Å"Competition, Football, and Basketball†Read MoreThe And Circumstance At Chisago Lakes High School1602 Words   |  7 PagesPomp and Circumstance High school Commencement in the United States is a tradition like no other. Every June, high school seniors dress in their Sunday best and head to the tried-and-true ritual. Parents, grandparents, aunts, and uncles swarm to secondary institutions with their cameras in hand. With the sea of hats and gowns, the graduating class is unified and united. Over the recent decades, Commencements across the United States have incorporated cords and stoles. These emphasize both communalRead MoreEssay on The Perks of Being a Wallflower by Stephen Chbosky741 Words   |  3 Pagesyou from doing your best and doing what you believe is right. To know that you will make friends and have a great time. In the beginning of the book, charlie starts high school and doesn’t have many friends but soon he makes the best friends he has ever had in his life. â€Å" I am writing you this letter because I am starting high school tomorow and I am really afraid of going.† The Perks of Being a Wallflower is in second person point of view because the whole time in the book, the main character isRead MoreEssay On The Community801 Words   |  4 PagesEducation throughout the year. I was able to attend multiple meetings of the State Board and present my opinions to the members on the topics that affect school kids today. I am an active member of our school Scholar Bowl team, and have been since Junior High School. I have the opportunity to serve as captain of both the JV and Varsity teams. I was a high scorer in both JV (2016 2017) and Varsity (2017) River-to-River Tournaments. I also qualified for the All-Tournament team at the IHSSBCA Kickoff TournamentRead MoreAllegory1035 Words   |  5 PagesAt Preston high school, it was like any other day, kids being bullied and drugs being used. This kind of stuff went on everyday inside of Preston High school, but this school was all they had in the town of Rapid City and the people got used to it. It was a more southern town, located in Alabama. Many words can describe what goes on there; hatred, abuse, and slacking. But the school is not all bad, as they had good people there, but the kind of people that were bullied. There was a girl named JennaRead More Short Story Essay1570 Words   |  7 Pages There was a girl named Kandy, she was 15 years old. Her life was extremely boring, all she ever did was go to school, go on her computer, eat and sleep. She spent all summer on her computer. She was really good with HTML and spent her free time making web sites. Kandy didnt have many friends and rarely talked to guys because she was shy and unconfident about her looks. Thats why she went into chat rooms. She made a web site with pictures of herself on it and told people in chat rooms to go thereRead MoreSingle Sex And Co Educated Schools887 Words   |  4 Pagesco-educated schools has been around for far too long. However, this controversy will come to an end today. No one should look and depend on the bright side only, because single sex schools are not exactly what everyone expects. Do people really expect for a child’s grades to improve at an instant? Psychological problems will begin to increase if students do not interact with the opposite sex. Students will lack the advantages of the co-educational elementary, middle, and high school experience.

Essay Psuedopsychology vs the Scientific Method - 2452 Words

Humans have inhabited the Earth for thousands of years and it is perceived by many that we are among the most intellectual species on this planet. Although having lived on this planet for so long, being able to distinguish fact from fiction has escaped the minds of many. People of today’s society are easily influenced by what is told to them instead of what can be proven. Believing in something that has no scientific evidence is not only absurd but can be classified simply as ignorance. Many of the erratic ideas that are believed by many today have originated in a time where superstition was more popular than science. These beliefs appear to be proven by science, but in reality are not valid and frequently confused with†¦show more content†¦All procedure varies from field to field but the steps must be repeatable to predict future results and this is where psudopsychology and fact clash. Replicating the methods is tricky for those who are practicing these â€Å"psyc hologies† because they have to do it a certain way in order for the beliefs of everyone to remain the same. Horoscopes and Astrology: A man who made the practice of horoscopes and astrology susceptible to Christians allowed for these beliefs to spread throughout the world in the 1600’s was William Lilly. During his time he was seen as a great prophet, and became famous for â€Å"predicting† The Great Fire of London through one of his hieroglyphic drawings (McCann, 1990). The Great Fire of London happened on September 2, 1666 and it started out as a small fire in the bakeshop of Thomas Forger destroying about 430 acres of land including 13,000 house, 89 churches and many other buildings leaving countless homeless. This fire occurred 14 years after William Lilly predicted one, and at this time London has been prone to having fires due to its infrastructure. Most of the houses and other buildings were made of wood and highly flammable, causing something that started as a house fire to a fire that engulfed a great majority of London. This hasn’t been the only great fire th at this city has witnessed. Along with the fire of 1633 and 1676, the fire of 1666 has increased its caliber of destruction primarily because of the city’s construction

Tax(Case Report-on-Income-Tax-Authorities-in-Bangladesh) Free Essays

ASSIGNMENT on Income Tax Authorities in Bangladesh [pic] National Board of Revenue – NBR Rajashwa Bhaban Segunbagicha, Dhaka Telephone: +88 02 933-3444. http://www. nbr-bd. We will write a custom essay sample on Tax(Case Report-on-Income-Tax-Authorities-in-Bangladesh) or any similar topic only for you Order Now org National Board of Revenue (NBR), Bangladesh. Page 2 of 31 Table of contents: |Serial |Topic |Page No. | |I |Cover |†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 01 | | |Page†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. | | | |. | |II |Topic/Source of the ASSIGNMENT†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. |†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 02| |III |Table of |†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 03| | |contents†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ | | |01 |Letter of |†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 04| | |Transmittal†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. | |02 |Acknowledgement †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ |†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 05| |03 |Background of |†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 06| | |NBR†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. | | |04 |Taxation and its |†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 07| | |history†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ | |05 |Tax Authorities of Bangladesh †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. |†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦10 | |06 |Types of Income †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ |†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦12 | |07 |Classification of Tax systems†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. |†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦13 | |08 |Types of |†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦14 | | |Taxation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. | |09 |Methodology †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. |†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦15 | | |9. 01 Sources of Income†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢ € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ |†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦15 | | |9. 02 Tax Rate†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ |†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦16 | | |9. 03 Tax Rebate for investment †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. |†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦16 | | |9. 04 Who should submit Income Tax Return? †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦17 | | |9. 05 Time to submit Income Tax Return †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ |†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦18 | | |9. 06 Assessment Procedure †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. |†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦19 | | |9. 07 Tax withholding functions †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. |†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦19 | | |9. 08 Major areas for final settlement of tax liability †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. |†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦22 | | |9. 09 Fiscal incentives †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. |†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦23 | | |9. 10 Avoidance of Double Taxation Agreement †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦24 | |10 |Steps for collecting Income Tax in Bangladesh†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. |†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦24 | |11 |Procedure of Assessment †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. |†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦25 | |12 |Problems for collecting Income Tax†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. |†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦26 | |13 |Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. |†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦31 | | |†¦Ã¢â‚¬ ¦.. | | National Board of Revenue (NBR), Bangladesh. Page 3 of 31 Letter of Transmittal March 03, 2012 To Md. Abdul Awal Chairman, EECS deparment NorthSouth University Basundhara Campus, Dhaka. Subject: Submission of Assignment on â€Å"Income Tax Authorities in Bangladesh†. Dear Sir I am pleased to submit this Assignment-report on â€Å"Income Tax Authorities in Bangladesh†. This research program was taken by the help of â€Å"Three tax system of Bangladesh†, written by M. A. Akkas, and â€Å"Income Tax† written by â€Å"Mr. Mahmud† and â€Å"Purohit Bhattacharjee†. Here is the report on the observational study of â€Å"Income Tax authority in Bangladesh†. We honestly believe that this report will fulfill the requirements of the case report, which will help us a lot to gain sufficient knowledge about the â€Å"Income Tax authority in Bangladesh† Sincerely, Deb kumar Roy ID:0910019040 National Board of Revenue (NBR), Bangladesh. Page 4 of 31 Acknowledgement I am very much grateful to the God first, who has given me all the ability to perform this chore. At last but not the least, I am grateful to my ever-respected parents those who always give us mental support and well wishes. National Board of Revenue (NBR), Bangladesh. Page 5 of 31 Background of NBR The National Board of Revenue (NBR) is the central authority for tax administration inBangladesh. ItwasestablishedbyPresident’sOrderNo. 76of1972. Administratively, it is under the Internal Resources Division (IRD) of the Ministry of Finance (MoF). MoF has 3 Divisions, headed by 3 permanent Secretaries to the Government, namely, the Finance Division the Internal Resources Division (IRD) and the Economic Relations Division (ERD). The Secretary, IRD is the ex-officio Chairman of NBR. NBR is responsible for formulation and continuous re-appraisal of tax-policies and tax-laws, negotiating tax treaties with foreign governments and participating in inter-ministerial deliberations on economic issues having a bearing on fiscal policies and tax administration. The main responsibility of NBR is to collect domestic revenue (primarily, Import Duties and Taxes, VAT and Income Tax) for the government. Other responsibilities include administration of all matters related to taxes, duties and other tax producing fees. Under the overall control of IRD, NBR administers the Excise, VAT, Customs and Income-Tax services consisting of 3434 officers of various grades and 10195 supporting staff positions (Approved set up as on 09 Feb. , 2000 AD). Negotiating tax treaties with foreign governments and participating in inter- ministerial deliberations on economic issues having a bearing on fiscal policies and tax administration are also NBR’s responsibilities. The main responsibility of NBR is to mobilize domestic resources through collection of import duties and taxes, VAT and income tax for the government. Side by side with collection of taxes, facilitation of international trade through quick clearance of import and export cargoes has also emerged as a key role of NBR. Other responsibilities include administration of matters related to taxes, duties and other revenue related fees/charges and prevention of smuggling. Under the overall control of IRD, NBR administers the excise, VAT, customs and income-tax services consisting of 3434 officers of various grades and 10195 supporting staff positions. National Board of Revenue (NBR), Bangladesh. Page 6 of 31 Taxation and its history Taxation- one of the major sources of public revenue to meet a country’s revenue and development expenditures with a view to accomplishing some economic and socialobjectives,suchasredistributionofincome,pricestabilizationand discouraging harmful consumption. It supplements other sources of public finance such as issuance of currency notes and coins, charging for public goods and services and borrowings. The term â€Å"Tax† has been derived from the French word â€Å"Taxe† and etymologically, the Latin word â€Å"Taxare† is related to the term ‘tax’, which means ‘to charge’. Tax is ‘a contribution exacted by the state’. It is a non-penal but compulsory and unrequited transfer of resources from the private to the public sector, levied based on predetermined criteria. According to Article 152(1) of the Constitution of Bangladesh, taxation includes the imposition of any tax, rate, duty or impost, whether general, local or special, and tax shall be construed accordingly. Rate is a local tax imposed by local government on its residents or the property owners of the locality, a duty is a tax levied on a commodity, and an impost is a tax imposed for an entry into a country. Under the provision of article 83 of the Constitution, â€Å"no tax shall be levied or collected except by or under the authority of an Act of Parliament†. Bangladesh inherited a system of taxation from its past British and Pakistani rulers. The system, however, developed based on generally accepted canons and there had been efforts towards rationalizing the tax administration for optimizing revenue collection, reducing tax evasion and preventing revenue leakage through system loss. Taxes include narcotics duty (collected by the Department of Narcotics Control, Ministry of Home Affairs), land revenue (administered by the Ministry of Land and collected at local Tahsil offices numbered on average, one in every two Union Parishads), non-judicial stamp (collected under the Ministry of Finance), registration fee (collected by the Registration Directorate of the Ministry of Law, Justice and Parliamentary Affairs) and motor vehicle tax (collected under the Ministry of Communication). National Board of Revenue (NBR), Bangladesh. Page 7 of 31 The tax structure in the country consists of both direct (income tax, gift tax, land development tax, non-judicial stamp, registration, immovable property tax, etc) and indirect (customs duty, excise duty, motor vehicle tax, narcotics and liquor duty, VAT, SD, foreign travel tax, TT, electricity duty, advertisement tax, etc) taxes. The present land revenue system of Bangladesh has its base in the East Bengal state acquisition and tenancy act 1950 which established a direct contract between the taxpayer and the government. The most important tax on the value of transferred property is the non-judicial stamp tax (levied under the Stamp Act 1899), which has been in existence since January 1899. Current rates of non-judicial stamp duty are provided in the First Schedule of the Finance Act 1998, ranging from Tk. 4 to Tk. 10,000 in case of absolute rate, or from 0. 07% to 1. 5% of the value of consideration in case of ad valorem rate. The judicial stamp tax is being levied under the Court Fees Act 1870, although the levy of court fees originated in the introduction of the Bengal Regulation No. 8 of 1795. The first sales tax was introduced in the former Central Provinces of India in 1938. In Bengal, sales tax was adopted in 1941. In 1948, sales tax was transferred as a central tax under the General Sales Tax Act of 1948. The Sales Tax Act 1951 came into force on 1 July 1951 by repealing the Pakistan General Sales Tax Act of 1948. Until 1982, sales tax was being collected under the 1951 Act, which was replace d by the Sales Tax Ordinance 1982. The VAT law was promulgated by repealing the Business. Income tax was first introduced in the subcontinent by the British in 1860 to make up the revenue deficit caused by the sepoy revolt, 1857. After independence of Bangladesh, income tax was made effective under the Income Tax Act 1922 passed on the basis of the recommendations of the All-India Income Tax Committee appointed in 1921. Currently, income tax has been imposed under the Income Tax Ordinance 1984 (ITO) promulgated on the basis of recommendations of the Final Report of the Taxation Enquiry Commission submitted in April 1979. Income taxpayers (assesses) are classified as individuals, partnership firms, Hindu undivided National Board of Revenue (NBR), Bangladesh. Page 8of 31 families (HUF), associations of persons (AOP), companies (publicly traded and private), local authorities, and other artificial juridical persons. Tax rates and scope of taxable income differ based on residential status of an assesses (resident or non- resident). From fiscal or assessment year, (AY) 2000-01, there is a filing threshold of annual total income of Tk. 00,000 applicable for individuals (including non-resident Bangladeshis), partnership firms, HUF, AOP and assesses other than companies and local authorities. In case an identity of this group has a total annual income less than this level, he is not required to submit tax return but if someone’s income is higher, he is to pay a minimum tax of Tk. 1,000. Bangladesh inherited a system of taxation from its past British and Pakistani rulers. National Board of Revenue (NBR ), Bangladesh. Page 9 of 31 Tax Authorities of Bangladesh ? There are 3-divisions under the Ministry of Finance (MOF) and Secretary leads each division. ? |The Chairman of NBR (National Board of Revenue) is working |under Internal | | |Resource Division (IRD). | | | | | | | | | | |? |NBR is the apex body of the Tax Administration. | | It consists of two parts: (1) Customs VAT (2) Income Tax. Both are under the same authority. There are 4-members under NBR. ? Under the NBR, a Commissioner of Taxes is the head of the department and he is in charge of a taxes Zone. There are 8-Zones in Bangladesh. National Board of Revenue (NBR), Bangladesh. Page 10 of 31 [pic] National Board of Revenue (NBR), Bangladesh. Page 11 of 31 Types of Income Income Assessable IncomeNon-Assessable Income Taxable Income Non-taxable Income Income: Income means anything received in cash or in kind unless exempted by laws. 1) Assessable Income: Assessable Incomes are those incomes, which are included in the determination of total income of a taxpayer. ) Taxable Income: Taxable Incomes are those incomes that the tax is to be paid on those incomes. b) Non- Taxable Income: Non – taxable income is taken into total income for taxation rate purpose but no tax is to be paid on this part of income. 2) Non- Assessable Income: Non- assessable incomes are those incomes which are not included in the determination of total income of a taxpaye r. National Board of Revenue (NBR), Bangladesh. Page 12 of 31 Classification of Tax systems Classification of Tax System Single Tax Multiple Taxes 1. Single Tax: Only one tax for everybody. Single tax is the poll tax or the head tax or adolescent tax, which is imposed on a person simply because he is there in the society. 2. Multiple Taxes:A system under which different types of taxes shall be levied by the govt. according to suitability. Ex. Income Tax, VAT. National Board of Revenue (NBR), Bangladesh. Page 13 of 31 Types of Taxation Types of Taxation a) Direct Tax b) Indirect Tax a) Progressive Tax b) Regressive Tax c) Proportional Tax a) Direct Tax: Direct tax is a sort of tax the impact of effect incidents and which fall back on the person on whom it is imposed. . e. : Income Tax, Marriage Tax etc. b) Indirect Tax: Indirect taxes are those burden of which can be passed on others through price vehicles. c) Progressive Tax: The tax rate increases as the taxable income/amount increases. d) Regressive tax: The opposite of a progressive tax is a regressive tax where the tax rate decreases as the taxable income/amount increases. e) Proportional Tax: In between is a propor tional tax, where tax is fixed as the amount to which the rate is applied increases. National Board of Revenue (NBR), Bangladesh. Page 14 of 31 Methodology Among direct taxes, income tax is one of the main sources of revenue. It is a progressive tax system. Income tax is imposed on the basis of ability to pay. The more a taxpayer earns the more he should pay†- is the basic principle of charging income tax. It aims at ensuring equity and social justice. Sources of Income: For the purpose of computation of total income and charging tax thereon, sources of income can be classified into 7 categories, which are as follows: †¢Salaries †¢Interest on securities †¢Income from house property †¢Income from agriculture †¢Income from business or profession Capital gains †¢Income from other sources. Tax Rate (Assessment Year- 2008-09): Other than Company: For individuals other than female taxpayers, senior taxpayers of 70 years and above and retarded taxpayers, tax payable for the |First |1,65,000/- |Nil | |Next |2,75,000/- |10% | |Next |3,25,000/- |15% | |Next |3,75,000/- |20% | |Rest Amount | |25% | For female taxpayers, senior taxpayers of age 70 years and above and retarded taxpayers, tax payable for the |First |1,80,000/- |Nil | |Next |2,75,000/- |10% | |Next |3,25,000/- |15% | National Board of Revenue (NBR), Bangladesh. Page 15 of 31 |Next |3,75,000/- |20% | |Rest Amount | |25% | Minimum tax for any individual assesses is Tk. 2,000 Non-resident Individual25% (other than non-resident Bangladeshi) For Companies Publicly Traded Company27. 5% Non-publicly Traded Company37. 5% Bank, Insurance Financial Company 45% Mobile Phone Operator Company45% If any publicly traded company declares more than 20% dividend, 10% rebate on total tax is allowed. Tax Rebate for investment: Rate of Rebate: Amount of allowable investment is either up to 25% of total income or Tk. 5,00,000/- whichever is less. Tax rebate amounts to 10% of allowable investment. Types of investment qualified for the tax rebate are: †¢Life insurance premium †¢Contribution to deferred annuity †¢Contribution to Provident Fund to which Provident Fund Act, 1925 applies †¢Self contribution and employer’s contribution to Recognized Provident Fund †¢Contribution to Super Annuation Fund †¢Investment in approved debenture or debenture stock, Stocks or Shares †¢Contribution to deposit pension scheme †¢Contribution to Benevolent Fund and Group Insurance premium †¢Contribution to Zakat Fund Donation to charitable hospital approved by National Board of Revenue †¢Donationtophilanthropicoreducationalinstitutionapprovedbythe Government †¢Donation to socioeconomic or cultural development institution established in Bangladesh by Aga Khan Development Network National Board of Revenue (NBR), Bangladesh. Page 16 of 31 Who should submit Income Tax Return? †¢If tota l income of any individual other than female taxpayers, senior taxpayers of 70 years and above and retarded taxpayers during the income year exceeds Tk 1,65,000/-. If total income of any female taxpayer, senior taxpayer of 70 years and above and retarded taxpayer during the income year exceeds Tk 1,80,000/-. †¢If any person was assessed for tax during any of the 3 years immediately preceding the income year. †¢A person who lives in any city corporation/paurashava/divisional HQ/district HQ and owns a building of more than one storey and having plinth area exceeding 1,600 sq. feet/owns motor car/owns membership of a club registered under VAT Law. †¢If any person subscribes a telephone. If any person runs a business or profession having trade license. †¢Any professional registered as doctor, lawyer, income tax practitioner, Chartered Accountant, Cost Management Accountant, Engineer, Architect and Surveyor etc. †¢Member of a Chamber of Commerce and Industries o r a trade Association. †¢Any person who participates in a tender. †¢A person who has a Taxpayer’s Identification Number (TIN). †¢Candidate for Union Parishad, Paurashava, City Corporation or Parliament. Time to Submit Income Tax Return: For Company By fifteenth day of July next following the income year or, where the fifteenth day of July falls before the expiry of six months from the end of the income year, before the expiry of such six months. For Other than Company Unless the date is extended, by the Thirtieth day of September next following the income year. Consequences of Non-Submission of Return †¢imposition of penalty amounting to 10% of tax on last assessed income subject to a minimum of Tk. 1,000/- †¢In case of a continuing default a further penalty of Tk. 50/- for every day of delay. National Board of Revenue (NBR), Bangladesh. Page 17 of 31 Assessment Procedures: †¢For a return submitted under normal scheme, assessment is made after hearing. †¢For returns submitted under Universal Self Assessment Scheme, the acknowledgement slip is determined to be an assessment order. Universal Self Assessment is of course subject to audit. Appeal against the order of DCT: A taxpayer can file an appeal against DCT’s order to the Commissioner (Appeals)/Additional or Joint Commissioner of Taxes (Appeals) and to the Taxes Appellate Tribunal against an Appeal order. Tax withholding functions: In Bangladesh withholding taxes are usually termed as Tax deduction and collected at source. Under this system both private and public limited companies or any other organization specified by law are legally authorized and bound to withhold taxes at some point of making payment and deposit the same to the Government Exchequer. The taxpayer receives a certificate from the withholding authority and gets credits of tax against assessed tax on the basis of such certificate. Heads of Income Subject to deduction or collection of income tax at source with specified rates of deduction. |No. Heads |Section/Rule |Rate |Chalan in the | | | | | |name of | |1 |Salaries | | |Respective | | | |Section 50 |deduction at average rate |Zone | |2 |Discount on the real value of | |deduction at normal rate or maximum rate |LTU | | |Bangladesh Bank Bills |Section 50A |whichever is greater. | |3 |Interest on securities |Section 51 |10%on interest or discount |LTU | |4 |Supply of goods and execution of | |ni l up to 1 lac, 1-5 lacs |Zone-2 (Partly) | | |contracts and sub-contracts |Section |(1%), 5-15 lacs (2. 5%), 15- |LTU | | | |52(Rule 16) |25 lacs 3. 5% and 25 lacs and above | | | | | |(4%) | | National Board of Revenue (NBR), Bangladesh. Page 18 of 31 |5 |Indenting commission / Shipping | |3. 5% of the total receipt of indenting |Zone-2 | | |agency commission |Section 52 (Rule 17) |commission 5% of total Shipping agency | | | | |commission receipt | | |6 |Royalty, Fees for professional or | | |Zone-8 | | |technical services |Section 52 A |10% of the fees | | |7 |Stevedoring agency Security |Section 52 | |Ctg. Zone- | | |service |AA |7. 5% of the fees |2 | |8 |C F agency commission |Section 52 | |Zone-2 | | | |AAA |7. 5% of the fees | | |9 |Sale of bandrolls ( for biri) | | |Respective | | | |Section 52B |6% of the value of bandrolls. Zone | |10 |Compensation for acquisition of | |6% of the compensation money |Zone-2 | | |property |Section 52C | | | |11 |Interest on saving instru ments | |10% of the amount of interest (Current |Zone-2 | | | |Section 52D |rate) | | |12 |Collection of tax from brick | |1 Sec. = Tk. 10,000/ for each brick field. |Respective | | |manufacturers | |1. 5 Sec. = Tk. 2,000/ for each brick |Zone | | | | |field. | | | | |Section 52F |2 Sec. = Tk. 18,000/ for each | | | | | |brick field. | | |13 |Commission on Letter of | |5% of the amount of commission. |LTU | | |Credits |Section 52I | | | |14 |Issuing Renewal of trade | Tk 500/- For renewal of each |Zone-3 | | |licence |Section 52K |Lincence | | |15 |Trustee fees |Section 52L |10% | | |16 |Frieght Forward agency | | | | | |Com. |Section 52M |7. 5% | | |17 |Rental power |Section 52N |4% | | |18 |Import of goods |Section 53 (Rule17A) | |Zone-2 | | | | |3% of the value of imports. | |19 |Income from house property (house | |No deduction if monthly rent is below |Zone-2 | | |rent) | |20,000/- |Dha Other | | | |Section 53A (Rule17B)|3% (if monthly rent is |outside | | | | |20,000-40,000 Tk. ) and |Zone | | | | |5% (if monthly rent is above | | | | | |40,000 Tk. | | |20 |Shipping business of resident | | |Zone-2,ctg | | | |Section 53AA |5% of freight | | |21 |Export of manpower |Section 53B (Rule | |Zone-2, dhk ctg| | | |17C) |10% of the service charges. | | |22 |Export of Knitwear |Section 53BB |0. 25% |Zone-5 | |23 |Member of Stock |Section | |Zone-7 | | |Exchange |53BBB |0. 015% | | |24 |Export of goods except |Section |0. 25% |Zone-5 | National Board of Revenue (NBR), Bangladesh. Page 19 of 31 |Knitweare Woven garments |53BBBB | | | |25 |Sale of goods by public auction |Section 53C (Rule | |Zone-2 | | | |17D) |5% of the sale price | | |26 |Courier Service (Non- resident) | | |Zone-6 | | | |Section 53CC |7. 5% | | |27 |Payment to film actors and actresses| |5% of the amount paid exceeding |Zone-2 | | | |Section 53D (Rule |Tk. 6000/- | | | | |17E) | | | |28 |Cash subsidy |Section 53DD |5% |Zone-5 | |29 |Commission Fees or discount paid to| | |Zone-2 LTU | | | distributors |Section 53E (Rule |7. 5% of the amount of commission. | | | | |17G) | | | |30 |Commission or charges paid to the | | |Dhk. Zone- | | |agents of foreign buyers | | |6, | | | | | |Ctg. Zone-3 and | | | | |4 % on the amount of commission or charges. |Zone of | | | |Section 53EE | |Respective | | | | | |Division | |31 |Interest on bank deposits |Section 53F (Rule |10% of the amount of interest. |Zone-1 | | | |17H) | | | |32 |Real Estate Developers | |In case of Bldg. 250 per sq. eter |Zone-5 | | | | |In case of land 5% of deed value | | | | |Section 53FF | | | |33 |Insurance commission | |3% on the amount of commission |LTU | | | |Section 53G | | | |34 |Commission paid to the Surveyors of | | |Dhk. Zone- | | |General Insurances | | |2, | | | | | |Ctg. Zone-3 and | | | | |7. 5% on the amount of commission. Zone | | | |Section 53GG | |of | | | | | |Respective | | | | | |Division | |35 |Transfer of property |Section 53H (Rule |5% of the value of the property. |Survey | | | |17I) | |Zone | | |Interest on Post Office | |No deduction if the amount of interest does|Zone-2 | | |Savings Bank Account | |not exceeds Tk. 1,50,000 and if exceeds | | | | |Section 53I |then 10% on the amount of interest . | | |36 |Rent of vacant land, plant and | No deduction if monthly rent is below |Zone-2 | | |machinery | |15,000/- | | | | |Section 53J (Rule |3% (if monthly rent is | | | | |17BB) |15,000 -30,000 Tk. ) and | | | | | |5% (if monthly rent is above | | | | | |30,000 Tk. ) | | National Board of Revenue (NBR), Bangladesh. Page 20 of 31 |37 |Advertising bill of news paper, | | |Zone-5 | | |magazine, private television | |3% of the value of the property. | | |channel |Section 53K | | | |38 |Dividend | | |LTU (only LTU’s | | | | |(1) Resident individual 10%, non-resident |files) all others| | | |Section 54 |individual 25% (2) Company 15% |Zone-2 | |39 |Income from lottery |Section 55 |20% of the amount won. |Zone-2 | |40 |Income of non-resident Other than | |Company – rate applicable to the com. Other|Zone-6 | | |non- resident Bangladeshi} |Section 56 |than company – maximum rate. | | Major areas for final settlement of tax liability: Tax deducted at source for the following cases is treated as final discharge of tax liabilities. No additional tax is charged or refund is allowed in the following cases:- †¢Supply or contract work †¢Band rolls of hand made cigarettes †¢Import of goods †¢Transfer of properties †¢Export of manpower †¢Real Estate Business †¢Export value of garments †¢Local shipping business †¢Royalty, technical know-how fee †¢Insurance agent commission. †¢Auction purchase †¢Payment on account of survey by surveyor of a general insurance company †¢Clearing forwarding agency commission. †¢Transaction by a member of a Stock Exchange. †¢Courier business †¢Export cash subsidy Tax Recovery System: In case of non-payment of income tax demand the following measures can be taken against a taxpayer for realization of tax:- †¢Imposition of penalty †¢Attachment of bank accounts, salary or any other payment. †¢Filing of Certificate case to the Special Magistrate. National Board of Revenue (NBR), Bangladesh. Page 21 of 31 Advance Payment of Tax: Every taxpayer is required to pay advance tax in four equal installments falling on 15th September; 15th December; 15th March and 15th June of each year if the latest assessed income exceeds Taka three lakh. Penalty is imposed for default in payment of any installment of advance tax. Fiscal incentives : Following are fiscal incentives available to a taxpayer: )Tax holiday: Tax holiday is allowed for industrial undertaking, tourist industry and physical infrastructure facility established between 1st July 2008 to 30th June 2011 in fulfillment of certain conditions. Industrial Undertaking Eligible for Tax holiday: (i)An industry e ngaged in production of textile, textile machinery, jute goods, high value garments, pharmaceuticals, melamine, plastic products, ceramics, sanitary ware, steel from iron ore, MS Rod, CI Sheet, fertilizer, insecticide pesticide, computer hardware, petro-chemicals, agriculture machinery, boilers, compressors, basic raw materials of drugs, chemicals and pharmaceuticals. (ii)An industry engaged in agro-processing, ship building, diamond cutting. Physical Infrastructure Eligible for Tax holiday: Sea or river port, container terminals, internal container depot, container freight station, LNG terminal and transmission line, CNG terminal and transmission line, gas pipe line, flyover, mono rail, underground rail, telecommunication other than mobile phone, large water treatment plant supply through pipe line, waste treatment plant, solar energy plant, export processing zone. Tourism Industry Eligible for Tax holiday: Residential hotel having facility of three star or more. b)Accelerated depreciation: Accelerated depreciation on cost of machinery is admissible for new industrial undertaking in the first year of commercial production 50%, in the second year 30% and in the third year 20%. )Income derived from any Small and Medium Enterprise (SME) engaged in production of any goods and having an annual turnover of not more than taka twenty four lakh is exempt from tax. d)Industry set up in EPZ is exempt from tax for a period of 10 years from the date of commencement of commercial pr oduction. e)Income from fishery, poultry, cattle breeding, dairy farming, horticulture, floriculture, mushroom cultivation and sericulture are exempt from tax up to 30th June, 2011, subject to investing at least 10% of the exempted income that exceeds one lakh Taka, in government bonds. National Board of Revenue (NBR), Bangladesh. Page 22 of 31 f)Income derived from export of handicrafts is exempted from tax up to 30th June, 2011. )An amount equal to 50% of the income derived from export business is exempted from tax. h)Listed companies are entitled to 10% tax rebate if they declaredividend of 20% or more. i)Income from Information Technology Enabled Services (ITES) business is exempted up to 30th June, 2011. Avoidance of Double Taxation Agreement: There are agreements on avoidance of double taxation between Bangladesh and 28 countries which are:- (01) United Kingdom of Great Britain and Northern Ireland (02) Singapore (03) Sweden (04) Republic of Korea (05) Canada (06) Pakistan (07 ) Romania (08) Sri Lanka (09) France (10) Malaysia (11) Japan (12) India (13) Germany 14) The Netherlands (15) Italy (16) Denmark (17) China (18) Belgium (19) Thailand (20) Poland (21) Philippines (22) Vietnam (23) Turkey (24) Norway (25) USA (26) Indonesia (27) Switzerland (28) Oman. National Board of Revenue (NBR), Bangladesh. Page 23 of 31 Steps for collecting Income Tax in Bangladesh Submission of income tax returns is generally due by: 30th September in case of non-companies and 31st December in case of companies. Assessment is made in several procedures. They are: ? Self assessment ? Presumptive assessment ? Spot assessment ? Pre-audit based assessment. However, certain percent of self assessment cases are selected for audit. Assesses can prefer appeal if aggrieved by his assessment. There are three primary forums for appeal. They are to the Appellate Commissioner/Additional Commissioner/Joint Commissioner or to the Commission for reviews. The decisions of Appellate Commissioner/Additional Commissioner/Joint Commissioner can be challenged to the next Appellate Court named as Appellate Tribunal. Withholding tax is levy able on a number of items including contractors, imports, transfer of urban land/building, bank deposits etc. National Board of Revenue (NBR), Bangladesh. Page 24 of 31 Procedure of Assessment Generally the followings steps are followed in case of Assessment of the Company and the Corporation: Step-1 Computation of Business Income Step-2 Computation of Total Income Step-3 Determination of Total Tax Liabilities Step-4 Determination of Net Tax Liabilities According to Sections 28, 29 and 30 of ITO, 1984 Income from business is to be calculated after considering admissible and inadmissible expenses to this end. Total Income of the Company is to be calculated by adding other income with income from business. Total Tax liabilities are to be determining by applying prescribed tax rate. Net Tax liability is to be ascertained by deducting the following tax rebate from Total Tax liabilities: 10% Tax rebate on foreign income Tax rebate on increased production in case of industrial company, if applicable. Tax rebate on export income (at rate applicable) Tax rebate and average rate on tax free income. National Board of Revenue (NBR), Bangladesh. Page 25 of 31 Problems for collecting Income Tax Tax avoidance is one of the main problems for collecting Income Tax by the Income Tax Authority in Bangladesh. It is the legal utilization of the tax regime to one’s own advantage, in order to reduce the amount of tax that is payable by means that are within the law. By contrast tax evasion is the general term for efforts to not pay taxes by illegal means. The term tax mitigation is a synonym for tax avoidance. Its original use was by tax advisors as an alternative to the pejorative term of tax avoidance. Latterly the term has also been used in the tax regulations of some jurisdictions to distinguish tax avoidance foreseen by the lawmakers from tax avoidance which exploits loopholes in the law. Based on these concepts arises the pillars of Tax Protesters as well as Tax Resistance: Some of those attempting not to pay tax believe that they have uncovered interpretations of the law that show that they are not subject to being taxed: these individuals and groups are sometimes called tax protesters. An unsuccessful tax protestor has been attempting openly to evade tax, while a successful one avoids tax. Tax resistance is the declared refusal to pay a tax for conscientious reasons (because the resister does not want to support the government or some of its activities). Tax resistors typically do not take the position that the tax laws are themselves illegal or do not apply to them (as tax protesters do) and they are more concerned with not paying for particular government policies that they oppose. National Board of Revenue (NBR), Bangladesh. Page 26 of 31 Responses to tax avoidance: Avoidance also reduces government revenue and brings the tax system into disrepute, so governments need to prevent tax avoidance or keep it within limits. The obvious way to do this is to frame tax rules so that there is no scope for avoidance. In practice, this has not proved achievable nd has led to an ongoing battle between governments amending legislation and tax advisors’ finding new scope for tax avoidance in the amended rules. Tax evasion: By contrast, tax evasion is the general term for ef forts by individuals, firms, trusts and other entities to evade taxes by illegal means. Tax evasion usually entails taxpayers deliberately misrepresenting or concealing the true state of their affairs to the tax authorities to reduce their tax liability, and includes, in particular, dishonest tax reporting (such as declaring less income, profits or gains than actually earned; or overstating deductions). Illegal income and tax evasion: Who earn income by illegal means (gambling, theft, drug trafficking etc. ) is required to report unlawful gains as income when filing annual tax returns. Suspected lawbreakers have therefore been charged with tax evasion when there is insufficient evidence to try them for their non-tax related crimes. Other times, tax evasion can be used as a â€Å"one more nail in the coffin† by prosecutors by stating that if a person earns illegal income, s/he may also be guilty of tax evasion. Those who attempt to report illegal income as coming from a legitimate source could be charged with money laundering. National Board of Revenue (NBR), Bangladesh. Page 27 of 31 Evasion of Value Added Tax (VAT): During the latter half of the twentieth century, Value Added Tax (VAT) has emerged as a modern form of consumption tax through the world. Producers who collect VAT from the consumers may evade tax by under-reporting the amount of sales. Control of evasion: Level of evasion depends on a number of factors one of them being fiscal equation. People’s tendency to evade income tax declines when the return for due payment of taxesisnotobvious. Evasionalsodependsontheefficiencyofthetax administration. Corruption by the tax officials often render control of evasion difficult. Tax administrations resort to various means for plugging in scope of evasion and increasing the level of enforcement. Public opinion on tax avoidance: Tax avoidance may be considered to be the dodging of one’s duties to society, or alternatively the right of every citizen to structure one’s affairs in a manner allowed by law, to pay no more tax than what is required. Attitudes vary from approval through neutrality to outright hostility. Attitudes may vary depending on the steps taken in the avoidance scheme, or the perceived unfairness of the tax being avoided. Corruption by tax officials: Corrupt tax officials cooperate with the tax payers who intend to evade taxes. When they detect an instance of evasion, they refrain from reporting in return for illegal gratification or bribe. Corruption by tax officials is a serious problem for the tax administration in a huge number of underdeveloped countries. National Board of Revenue (NBR), Bangladesh. Page 28 of 31 The distinction in various jurisdictions of Tax Evasion and Tax Avoidance: The use of the terms tax avoidance and tax evasion can vary depending on the jurisdiction. In general, the term â€Å"evasion† applies to illegal actions and â€Å"avoidance† to actions within the law. The term â€Å"mitigation† is also used in some jurisdictions to further distinguish actions within the original purpose of the relevant provision from those actions that are within the letter of the law, but do not achieve its purpose. National Board of Revenue (NBR), Bangladesh. Page 29 of 31 Conclusion Though the rate of tax revenue is to GDP is very negligible, despite the government is trying to maximize its tax revenue through different method. But the government should also remind the cannon of convenience while collecting tax from assesses. As we are living in a civilized society – should come forward to pay taxes to government in order to conduct the administrative, defense and development activities of the country. Otherwise we would not be able to prove ourselves as civilized people. Tax is the most important in the hand of the government to control the economy as well as the inflection. It also helps in push money to the economy, develop certain source of the economy and control some other activities of the economy. No Government can run it’s and perform administration works without collecting tax as a source of revenue. So, the Government imposes tax over the company and the corporations. On the other hand Government can also intensive to the infant and certain basic industry for protection through its tax policy. National Board of Revenue (NBR), Bangladesh. Page 30 of 31 ? The End ? National Board of Revenue (NBR), Bangladesh. Page 31 of 31 ———————– [pic] [pic] [pic] [pic] [pic] [pic] [pic] [pic] [? ] [pic] [pic] [pic] [pic] [pic] [pic] [pic] [pic] [pic] [pic] [pic] How to cite Tax(Case Report-on-Income-Tax-Authorities-in-Bangladesh), Papers

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Question: 1.Do you think that a fall in interest rate would lead to an increase in business investment? Why? 2.Assume that there has been a rise in business investment in response to the lower interest rates, what would happen to aggregate demand curve, real GDP and price level? Discuss using an appropriate diagram? Answer: Introduction The present study is based on macroeconomic analysis by considering current steps taken by the Australian Prime Minister for better management of the current situation of the country. The study is bifurcated into two parts. The first part of the study deals with the relationship of interest rate and business investment and consequence on investment if interest rate reduces. The second part of the study is based on the relationship of aggregate demand and business investment and consequence on aggregate demand if business investment increases. For better understanding description is supported by appropriate examples and theories. 1. Owing to the step taken by the Australian Prime Minister of cutting down expenditure in all fronts, to reduce government budget deficit resulting in reluctance among people to spend and invest, the Reserve Bank of Australia has lowered the official cash rate, and consequently, commercial banks have lowered their interest rates for the borrowers. Lower Interest rates persuade people and businesses to make the additional investment, boost the spending potential, which ultimately gives rise to the economy in the phase of sluggish economic growth. The Reserve Bank of Australia is in charge of setting interest rates for Australia through monetary policy use (Mankiw, 2014). The RBA adjusts interest rates in order to affect the market demand for goods, services investments, borrowings and businesses. Interest rate fluctuations have an immense effect on the stock market, inflation in the market, investments made by people, borrowing capacity of business and the economy as a whole. RBAs most powerful tool to reduce insecurity among public and raise their investment spending and thereby push the country out of phase of the recession (Baker, Bloom and Davis, 2016). Therefore reducing the interest rates would naturally lead to increase in business investment. The reason behind the logic of lower interest rates and higher investment capacity is that lower rates signify the presence of ample amount of money to get into the system. With lower cash reserve rates banks have huge cash on hand, which raises their interest to lend it to people and businesses, and therefore, they reduce the interest rate on bank loans, overdrafts and current accounts (Malkiel, 2015). Another side of the reduced rates of interest is also reflected in the more competitive price of goods and services, all because it lowers the financing cost of operations, manufacturing and distribution processes for companies. This also attracts people to make or raise investment into the stock market which would result in higher returns than the bank deposits and bonds. This eventually makes credit card debt more expensive in comparison to other loans, since their money can earn high returns on several other investments, they use their extra money for paying down their credit cards . Thereby ultimately RBA uses monetary policy to stabilize the economy. The RBA controls the central fund rate influencing long-term interest rates, charged by banking institutions internally for overnight loans of reserves needed to meet minimum reserve requirements, eventually leading to increased investment spending, employment in market, output and inflation. Lowered interest rates help in business planning too. During this time companies plan for expansion since the cost of expansion is lowered. Due to such expansion, employment is generated leading to higher pay scales (Lung, 2014). Eventually, money flows into the consumer sector with attractive options of purchases, resulting in increased consumer purchases. More buying due to more spending capacity leads to higher prices, more profits and more production to meet growing consumer demand, and the cycle goes on. InMacroeconomics the relationship of investment and interest rate is best described by the investment/saving (IS) curve, a graphical representation of two intersecting curves. IS-LM model is a variation of the income-expenditure model integrating the interest rates in the market (demand), while the liquidity preference/money supply equilibrium (LM) curve portrays money available for investing (supply). The model helps to explain in a pictorial form, decisions of investors with money available and the amount of interest they will receive. The state of Equilibrium is achieved when the amount of investment is equal to the amount available to invest. Another relationship is the money market, where the volume of money demanded increases with collective income and decreases with the interest rate. The IS curve is the negative relationship between interest rate and output. 2. Aggregate Demand: Aggregate Demand is the summation of overall demand of goods and services in the economy. Its the macroeconomic term which defines the relationship between each and everything purchased with the boundaries of country and its prices. Everything purchased is same as everything produced within the country. It is equivalent to the gross domestic product of that economy (Cingano, 2014). Aggregate demand curve reflects the quantity demanded at each price in the economy. It is same to same as demand curve in microeconomics. It shows how demand changes in response to price. Components of Aggregate Demand are as follows: Consumer Spending: Its the amount which an individual spends on final goods and services which are not used for investment. Goods purchased for resale are not included in this. They are considered as an investment. Investments spending by business: It includes spending on equipments, building, machinery and inventory. Government spending on goods and services: It doesnt include unilateral payments such as Social security, Medicare and Medicaid because these don't increase demand (Choi and Holmes, 2014). Difference between Exports and Imports: It is net of exports from imports of goods and services within an economy. Aggregate Demand= C+I+G+(X-M) As per views of Burdekin and Langdana (2015), if there is a fall in interest rates then it will lead to increase in business spending and spending on final goods and services. In Short run, a rise in business investment will lead to change in Aggregate Demand. It will shift the aggregate demand curve towards the right. Considering an example if interest rates are reduced from 7% to 5 % and it has increased business investment by $50 billion per year. Assuming that multiplier is 2 then Aggregate Demand curve will shift rightwards by $100 billion. At the price level of 1.0 GDP demand rises from $8000 to $8100. Investment adds to the capital stock of capital and amount or quantity of capital available to an economy is a crucial factor in its productivity. Increase in investment also causes an upward shift in production possibility curve. It also implies that in the Long run also Aggregate Demand curve will take a forward shift if there is an increase in investment. In the long run, it also increases the nations stock of capital and as well as human capital. Apart from reducing the interest rates, there are also other factors which increase the Aggregate Demand i.e. Increase in Consumer Spendings, Increase in Exports or Decrease in Imports and Increase in Government Expenditure on final goods and services (Balassa, 2014). The increment in these factors will lead to rightward in AD Curve. All of these effects are the inverse of the factors that tend to decrease aggregate demand. Reduction in official cash rate will lead commercial banks to reduce the lending rate for borrowers. Simultaneously it will reduce the intensity of individuals for savings and will motivate them and business to spend on investments. Accordingly, with the increase in investment Aggregate demand will also increase in both short run and long run. In the long run, this will not also increase the physical capital of the nation but also the human capital of the nation. Conclusion In accordance with the present study; it can be concluded that interest rate and business investment has a negative correlation as with the reduction of interest rate there is an increase in business investment. Further business investment and aggregate demand of economy shares positive relationship as with the increase in business investment there is a right shift in aggregate demand curve of the economy which shows an overall increment of demand in the economy. References Baker, S.R., Bloom, N. and Davis, S.J., 2016. Measuring economic policy uncertainty.The Quarterly Journal of Economics,131(4), pp.1593-1636. Balassa, B., 2014. Development Strategies'.InternationalEconomics and Development: Essays in Honor of Ral Prebisch, p.159. Burdekin, R. and Langdana, F., 2015.Budget deficits and economic performance (Routledge Revivals). Routledge. Choi, D.F. and Holmes, M.J., 2014. Budget deficits and real interest rates: a regime-switching reflection on Ricardian Equivalence.Journal of Economics and Finance,38(1), pp.71-83. Cingano, F., 2014. Trends in income inequality and its impact on economic growth. Lung, T.Y., 2014. The Influence Study of Investment Optimization Timing Toward Debt Financing Under Interest Rate Uncertainty by Data Probability Analysis.Journal of Information and Optimization Sciences,35(4), pp.379-385. Malkiel, B.G., 2015.Term structure of interest rates: expectations and behaviour patterns. Princeton University Mankiw, N.G., 2014.Principles of macroeconomics. Cengage Learning. Willett, T.D. and Laney, L.O., 2014. Monetarism, budget deficits, and wage push inflation: the cases of Italy and the UK.PSL Quarterly Review,31(127).