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Established as the Central Board of Revenue on 1 April 1924 through enactment of the "Central Board of Revenue Act, 1924".In 1944, the CBR was put under the Revenue Division with the Ministry of Finance until 1960, when on the recommendations of the "Administrative Reorganization Committee", the CBR was made into a division of the Ministry of Finance.
The main responsibility of NBR is to mobilize domestic resources through the 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.
NBR is the authority for tax policies and tax laws in Bangladesh. [1] [2] NBR collects almost 97% of tax revenue and almost 85% of total revenue for the government of Bangladesh. [3] The Customs, Excise and VAT Appellate Tribunal is a tribunal under the National Board of Revenue established in 1995. [4] [5]
The Directorate sued Grameen Bank for VAT evasion of 670 million BDT. [15] It secured 5.2 million BDT from Alesha Mart after completing an audit of the company. [16] In November 2021, VAT Audit, Intelligence and Investigation Directorate fined Danish Foods Limited, a subsidiary of Partex Group for evading 34.6 million BDT in VAT. [17]
The newly independent government immediately designated the Dhaka branch of the State Bank of Pakistan as the central bank and renamed it the Bangladesh Bank. [9] The bank was responsible for regulating currency, controlling credit and monetary policy, and administering exchange control and the official foreign exchange reserves. [9]
Bangladesh Bank is the central bank of Bangladesh and the chief regulatory authority in the banking sector. According to the Bangladesh Bank Order, 1972 the Government of Bangladesh reorganized the Dhaka Branch of the State Bank of Pakistan as the central bank of the country and named it Bangladesh Bank with retrospective effect from 16 ...
The bank also faced manpower shortages in 2020 harming daily operations of the bank. [8] Expatriates' Welfare Minister Imran Ahmad is March 2021 announced plans to establish branches of the bank in every Upazlia in Bangladesh. [9] In August 2021, Probashi Kallyan Bank signed an agreement with NCC Bank to cooperate in remittance disbursement. [10]
Taxation in Pakistan is a complex system of more than 70 unique taxes administered by at least 37 agencies of the Government of Pakistan. [1] According to the FBR, in 2021, the number of registered tax filers had grown to 7.1 million out of which only 2.5 million were active tax filers. [ 2 ]