Professional Documents
Culture Documents
2.2 Exemption from VAT has been granted and in some cases withdrawn on certain goods
mentioned in the first schedule of the customs act, 1969 at import, import and manufacturing,
manufacturing, trading stage and rendering of service Stages ..................................... 40
2.3 Exemption from vat and supplementary duty on refrigerator and freezer ............................... 43
2.4 Full exemption from vat and supplementary duty (if any) on manufacture of air conditioners
and import of materials and spare parts necessary to manufacture such air conditioners ....... 43
2.5 Exemption from vat on refined soybean oil, refined palm oil and blended vegetable oil.. 43
2.6 Exemption from vat on 'several goods either zero rated or fully or partially exempted from import
duty under customs act, 1969' and some capital machineries and parts at import stage.. 43
2.7 Imposition of vat on several goods at manufactining stage on the basis of retail price ........... 43
2.8 Full exemption from vat on motorcycle manufactured by manufacturer and certain parts
and components used in manufacture of motorcycle .............................................................. 43
2.9 Determination of tariff value on goods and services at manufacturing and supply, rendering
of service and trading stages ................................................................................................... 44
4.11 Concessionary rate of customs duty and exemption from regulatory duty, vat and supplementary
duty, if any, on import of raw materials and parts for production of industrial mould .......... 49
4.12 Concession to import duty, exemption from regulatory duty, vat and supplementary
duty ,if any, to import of raw materials required to produce medicine, food grade water, bio-
hygiene equipment etc ................................................................................................. 49
4.13 Concession to import duty, exemption from vat and supplementary duty, if any, to
import of computer accessories and software 49
4.14 Concession of duty and taxes has been extended to spare parts of agricultural machineries.... 50
4.15 Re-Fixation of tariff value and minimum value ....................................................................... 50
4.16 Concession to import duty, exemption from regulatory duty and supplementary duty
(if any) has been granted to goods related to manufacturing of motorcycle .......................... 50
4.17 Regulatory duty (RD) has been imposed on some goods ........................................................ 50
4.18 Concession to import duty, exemption from regulatory duty, vat and supplementary
duty (if any) on import of some goods ................................................................................... 50
4.19 Determination of 'minimum value' of motor car and vehicles for realizing customs duty
by repealing notification sro-149/ain/2013/2436/customs ..................................................... 50
4.20 Imposition of regulatory duty (rd) on certain goods at different rates ..................................... 51
4.21 Amendment to certain customs rules ....................................................................................... 51
Section-I
DIRECT TAX
1.0 Income tax
1.01 Rates of income tax of individual (including non-resident Bangladeshi),
partnership firm, hindu undivided family, NGO and association of persons are as
follows:
Assessment Year 2017-2018 Assessment Year 2016-2017
Annual income Income tax rate Annual income Income tax rate
First Tk. 2,50,000 Nil First Tk. 2,50,000 Nil
Over Tk. 2.25 crore to Tk. 5 crore 10% Over Tk. 2.25 crore to Tk. 5 crore 10%
Over Tk. 5 crore to Tk. 10 crore 15% Over Tk. 5 crore to Tk. 10 crore 15%
Over Tk. 10 crore to Tk. 15 crore 20% Over Tk. 10 crore to Tk. 15 crore 20%
Over Tk. 15 crore to Tk. 20 crore 25% Over Tk. 15 crore to Tk. 20 crore 25%
Over Tk. 20 crore 30% Over Tk. 20 crore 30%
(b) the rate of deduction from the following classes of persons shall be at the rate
specified in the Table-2 below: -
Provided that-
(a) the rate of tax shall be fifty percent (50%) higher if the payee does not have a
twelvedigit Taxpayer's Identification Number at the time of making the payment;
(b) where the payee or the income of the payee, which is subject to tax at source under
section 52, is exempted from tax or is subject to a reduced tax rate in an income year,
the Board may on an application made by the payee in this behalf gives a certificate in
writing that the payment referred to section 52 for that income year shall be made
without any deduction or with deduction at a proportionately reduced rate as the case
may be.
1.09.3 Deduction from the payment of certain services. [Section 52AA]
Sub-section (1) of section 52AA has entirely been replaced. Amended version of the
section stands as follows:
(1) Where any payment is to be made by a specified person to a resident on account of a
service as mentioned in this section, the person responsible for making the payment
shall, at the time of making such payment, deduct income tax at the rate specified in the
Table below: -
(c) "electronic record" and " electronic form" shall have the same meaning as
assigned to
0W&' and jfcv Ruh" respectively in clauses (7) and (5) of section 2 of^tl e
W&T $oo* (500* ww \sk> wfcfy
1.16 Change in statements of assets, liabilities and life style. [Section 80]
Mandatory submission of statements of assets, liabilities and life style for individuals
has been raised from net wealth exceeding taka twenty lakh to net wealth exceeding
taka twenty-five lakh.
1.17 Replacement of Universal Self-Assessment. [Section 82BB].
(1) Where an assessee files a return of income mentioning twelve-digit Taxpayer's
Identification Number (TIN) in compliance with the conditions and within the time
specified in section 75 and pays tax in accordance with the provision of section 74, he
shall be issued by the Deputy Commissioner of Taxes or any other official authorised by
him, an acknowledgment of receipt of the return and such acknowledgment shall be
deemed to be an order of assessment of the Deputy Commissioner of Taxes.
(2) The Deputy Commissioner of Taxes shall process the return filed under sub-section
(1) in the following manner, namely: -
(a) income shall he computed after making the adjustments in respect of any
arithmetical error in the return or any incorrect claim which is apparent from the
existence of any information in the return or in any statement or document filed
therewith;
(b) tax and any other amount payable under this Ordinance shall be computed on
the basis of the income computed under clause (a); and
(c) the sum, payable by or refundable to the assesse, shall be determined after giving
credit of the sum paid by way of advance tax including the tax paid at source and the
tax paid
Important Changes underbythis
Introduced The Ordinance.
Finance Act 2017 Page | 19
(3) Where the process of return results in a difference in the amount of income, tax or
other material figures than the amount mentioned in the return filed under sub-section
(1), the Deputy Commissioner of Taxes shall serve a notice to the assessee-
(a) communicating him about the difference and enclosing with the notice a sheet of
computation of income, tax, refund or other related particulars that resulted from the
process of return;
(b) giving him an opportunity to explain his position in writing within the time
specified in the notice where the process of return results in additional liability or in
reduction of refund, as the case may be; and
(c) giving him an opportunity to-
(i) file an amended return, in the applicable cases, within the time specified in
the notice, addressing the difference mentioned in the notice; and
(ii) pay, within the time specified in the notice, the tax and any other amount
that becomes payable as a result of the process;
(4) Where a notice under sub-section (3) is served, the Deputy Commissioner of Taxes
shall-
(a) send a letter of acceptance of amended return within sixty days where all of the
following conditions are fulfilled-
(i) an amended return is filed in accordance with the provision of clause (c) of
subsection (3);
(ii) any tax or any other amount, payable under this Ordinance as a result of the
process, has been paid on or before the submission of the amended return; and
(iii) the difference mentioned in sub-section (3) has been duly resolved in the
return;
(b) serve, after the expiry of the date of response of the assessee as mentioned in the
notice under sub-section (3), a notice of demand along with a sheet of computation of
income, tax, refund or other related particulars where any of the conditions
mentioned in clause (a) is not fulfilled:
Provided that a notice of demand shall be served within six months from the date of
serving notice under sub-section (3).
(5) Where, after filing the return under sub-section (1), the assessee finds that owing to
any unintentional mistake the tax or any other amount payable under this Ordinance
has been paid short or computed short by reasons of underreporting of income or over
reporting of rebate, exemption or credit or for any other reasons, he may file to the
Deputy Commissioner of Taxes an amended retum-
(a) attaching with the amended return a written statement mentioning the nature
and the reason for the mistake;
(b) paying in full, on or before filing the amended retum-
(i) the tax and any other amount that was paid short or computed short; and
(ii) an interest at the rate of two percent (2%) per month on the amount
mentioned in sub-clause (i);
Page | 20 Important Changes Introduced by The Finance Act 2017