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Minimum tax for any individual assessee is Tk. It is a progressive tax system. Bangladesh Income tax is imposed on the basis of ability to pay.
The more a taxpayer earns the more tax he should pay. This is the basic principle of charging income tax in Bangladesh. The tax system aims at ensuring equity and social justice.
Tax rates in Bangladesh also differs between male and female individuals.
Time to submit income tax return: Unless the date is extended, by the 30th day of September next following the income year. Consumption tax A consumption tax is a tax on spending on goods and services. The tax base of such a tax is the money spent on consumption. Consumption taxes are usually indirect, such as a value added tax.
However it can also be structured as a form of personal taxation, as a sales tax, or as an income tax that deducts investments and savings. A direct consumption tax may be called an expenditure tax, a cash-flow tax, or a consumed-income tax, and can be flat or progressive.
Types Value-added tax VAT This tax applies to the market value added to a product or material at each stage of its manufacture or distribution.
VATs often exclude certain goods, with the intent of creating some degree of progressivity.
It is widely used in countries within the European Union. Sales tax This tax typically applies to the sale of goods, and less often, to the sales of services. The tax is applied at the point of sale. Like VAT, simple sales taxes hit lower-income consumers harder than others, leading to exemptions for basic items such as food.
Excise tax This tax is a sales tax that applies to a specific class of goods, typically alcohol, gasoline, or tourism. The tax rate varies according to the type of good and quantity purchased, and is typically unaffected by who purchases it.
Like the other consumption taxes, simple personal consumption taxes are regressive. However, because this tax applies on an individual basis, it can be made as progressive as a progressive personal income tax.
Just as income tax rates increase with personal income, consumption tax rates increase with personal consumption.Lean startup is a methodology for developing businesses and products, which aims to shorten product development cycles and rapidly discover if a proposed business model is viable; this is achieved by adopting a combination of business-hypothesis-driven experimentation, iterative product releases, and validated learning..
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Taxation System in Bangladesh. Introduction. In Bangladesh, the principal direct taxes are personal income taxes and corporate income taxes, and a value-added tax (VAT) of 15% levied on all important consumer goods.