Cabinet okays proposed integrated income tax act

Dhaka,  Fri,  28 April 2017
Published : 17 Apr 2017, 22:09:06
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Cabinet okays proposed integrated income tax act

The cabinet has approved a proposal of the Internal Resources Division (IRD) for formulating an integrated income tax law incorporating all previous rules, amendments and orders.

The approval was given in the weekly meeting of the cabinet held at the Bangladesh Secretariat in Dhaka on Monday with Prime Minister Sheikh Hasina in the chair, reports BSS.

Briefing the reporters after the meeting, Cabinet Secretary Mohammad Shafiul Alam said the draft of the new law titled "The Income Tax Act, 2017" had been formulated in an integrated manner through compiling all amendments to the Income Tax Ordinance, 1984.

The new act would make the income tax laws and rules easier and more effective, he said.

The cabinet has also given the final approval to the draft of the Rajshahi Development Authority Act, 2017, which proposed a master plan for the city aimed at its planned development.

The Rajshahi Development Authority Act, 2017 will replace the Rajshahi Town Development Authority Ordinance 1976, which became defunct following the Supreme Court verdict in 2010 declaring all ordinances of the martial law rulers illegal.

The new law has specific provision for the protection of the water bodies of the city including khal, beel, haor, river, dighi and the areas declared by the local administration to be water reservoir.

The cabinet secretary said the new law also prohibited use of any land in the city violating the master plan.

It will be treated as an offence for which one may get one year of imprisonment or fine of Taka 50,000 or both.

The cabinet in its Monday's meeting gave the final nod to the draft of "The Bangladesh Rural Development Board (BRDB) Act 2017" aimed at making the existing law more time-befitting.

According to the new law, the BRDB will have a Board of Directors headed by LGRD and Cooperatives Minister as Chairman and Secretary of the Ministry as Vice-chairman.

According to the new law, the board will hold meeting at least once in every six months instead of six times in each calendar year. It also relaxed the system of quorum for the board meeting, saying the quorum will be formed with presence of one-third of the members.

The cabinet also approved the draft of the agreement between Bangladesh and Oman on the Promotion and Reciprocal Protection of Investments, the cabinet secretary informed.
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