DHAKA, Oct 31, 2021 (BSS) - The National Board of Revenue (NBR) has 
published the draft of Income Tax Act through simplifying and bringing some 
changes into the Income Tax Ordinance.

  "After taking opinions from the concerned stakeholders, the draft of the 
Income Tax Law will be placed before the Cabinet Division within December for 
final approval," said NBR Chairman Abu Hena Md Rahmatul Muneem while 
addressing a press conference at the NBR Building in the city's Segunbagicha 
area today.

  He said this draft law has been uploaded at the website of the NBR 
https://www.nbr.org.gov.bd) for drawing opinions and suggestions from the 
stakeholders. After taking opinions till November 25, the draft law would be 
sent before the Cabinet Division for final approval.

  The NBR Chairman said since the current Income Tax Ordinance has been 
framed in 1922, initiatives have been taken to turn this into a law through 
simplifying it and also making it time befitting.

  He also informed that the Ordinance has lack of clarity for which it is 
being transformed into a law transcript in Bangla.

  Muneem said that the draft of the Income Tax Law has been made taxpayer 
friendly and framed in easy language so that the taxpayers and lawyers can 
easily perceive the law.

  Prior to the submission of the law before the Cabinet Division, workshops 
and seminars would be held in participation of the concerned stakeholders 
side by side opinions would be sought from various Ministries on the draft 
law, he informed.

  Answering to a question, NBR member (income tax policy) Md Alamgir Hossain 
said that the draft law kept a provision of automatic refund in bank 
accounts. As a result, if any individual or organisation pays additional tax, 
then it would be refunded to their bank accounts automatically.

  Besides, he informed that the provision for e-tax management has been 
incorporated in the draft law to ensure international best practices and 
business-friendly environment. As a result, the taxpayers would be relieved 
from the hassle of coming to office and thus could save their valuable time 
and money.