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The National Board of Revenue (NBR) (Bengali: জাতীয় রাজস্ব বোর্ড) is the central authority for tax aministration in Bangladesh. It is a statutory authority attached with the Internal Resources Division of Ministry of Finance. NBR is the authority for tax policies and tax laws in Bangladesh.
NGO Affairs Bureau was founded in 1990. [2] All NGOs that receive fund from outside Bangladesh are required by law to register with the bureau which falls under the Chief Advisor's office. [ 3 ] Mohammad Asadul Islam is the present director general of the bureau. [ 4 ]
Tax exemption is the reduction or removal of a liability to make a compulsory payment that would otherwise be imposed by a ruling power upon persons, property, income, or transactions. Tax-exempt status may provide complete relief from taxes, reduced rates, or tax on only a portion of items.
Generally, a company's export earnings are 50 percent exempt. For companies, the tax day (i.e. tax return due date) is now the 15th day of seventh month following the end of income year; alternatively, where that fifteenth day is before 15 September, the tax day is 15 September of the year following the end of the income year. [3]
When a traffic challan is issued against a person's name he or she is responsible to pay the penalty depending on the type of violation made as per the Indian Motor Vehicles Act, 1988. [11] Traffic challans can be paid by various mechanisms e.g. by cash, at an e-seva center, or by any other payment mode as specified on the challan.
This limiting of the powers is crucial to obtaining tax exempt status with the IRS and then on the state level. [12] Organizations acquire 501(c)(3) tax exemption by filing IRS Form 1023. [13] As of 2006, the form must be accompanied by an $850 filing fee if the yearly gross receipts for the organization are expected to average $10,000 or more.
These include reliefs and exemptions in relation to income tax, capital gains tax, inheritance tax, stamp duty land tax, and value added tax. These tax exemptions have led to criticisms that private schools are able to use charitable status as a tax avoidance technique rather than offering a genuine charitable good. [40]