Institutions will be fined if foreign employees evade tax
Staff Correspondent, bdnews24.com
Published: 04 Jun 2015 11:52 PM BdST Updated: 04 Jun 2015 11:52 PM BdST
Organisations will be fined if foreign nationals they employ evade taxes.
Finance Minister AMA Muhith proposed the penalty in his budget speech for FY 2015-16 in Parliament on Thursday.
He also proposed withdrawal of all tax exemptions granted to the institution if the offence is proved.
He said in his budget speech that any establishment ‘illegally’ employing foreign nationals would be made to pay extra duty.
Muhith proposed a fine of 50 percent of its income tax payments or Tk 500,000, whichever is higher.
Many foreign nationals worked in Bangladesh without paying tax, he said, while a large number of youths remained unemployed.
“We began registering foreign citizens working here last year. This year, we have proposed regular tax on them.”
The finance minister also proposed jail sentence and fine as penalty for foreigners evading tax.
-
China's Q1 GDP grows at record pace as recovery speeds up
-
China’s economy is booming. Shoppers are skittish anyway
-
Pandemic drives up debt for marginalised families in Bangladesh: survey
-
Hong Kong Courts the rich as China tightens its grip
-
IMF favours global minimum corporate tax: chief economist
-
G20 to discuss uneven recovery from COVID crisis, officials say
Most Read
- Bangladesh committee recommends lockdown extension for another week
- Bangladesh to extend lockdown by a week in virus flareup
- Rickshaws and cars are back. Street scenes in Dhaka begin to change in lockdown
- Bangladesh’s virus death toll surges by 112, the most in a day
- Finance Minister Mustafa Kamal’s son-in-law dies in London
- Bangladesh police introduce pass for ‘movement’ in lockdown
- Dhaka court remands Islamist leader Mamunul Haque for 7 days
- Bangladesh arrests Hifazat leader Mamunul Haque, known for hate speech and aggression
- How the tiny kingdom of Bhutan out-vaccinated most of the world
- Former DUCSU VP Nur sued under digital security law over 'provocative remarks'