Gift Tax in Bangladesh
Abstract
This report highlights on our practical experience of mechanism of collection of gift tax by National Board of Revenue (NBR).
To complete the report successfully, we tried to gather information from News Paper, web sites. But the NBR does not provide information in the web site directly and even it does not publish total process to collect taxes from different sector. For this reason we had to visit NBR several times and thus we were successful to collect information about gift tax in Bangladesh.
To complete this report, we have gained practical knowledge about various type of Tax System. We also learned the difference sources of taxes and how successful NBR is to collect these taxes. We also got a clear view about the trend of giving gift tax by Bangladeshi people. The rules and regulations are elaborately discussed in this report
Objective of the Study
We can gain knowledge about the tax system of Bangladesh by studying this topic. As following aspects of tax we can learn from this study:
1. The Definition of gifts according to Income Tax Ordinance 19842. The exemptions, tax rate and process of calculating the value of gifts followed by the law.
3. The effectiveness of NBR to collect Gift Tax
4. The problems NBR faces to collect gift tax.
5. The proportion of gift tax comparing to other sources of tax.
Methodology of The Study
Primary Source: We had talked to officials of NBR and after interviewing them we also got some useful information to complete this report successfully.
Secondary Source: To make this overall assignment we followed the secondary sources like, online, reference, book, and journal.
Limitations of the Study
There are some limitations of this study. Therefore the assignment may lack some crucial data.
1. Necessary data and information of gift tax are neither adequate nor available. Because NBR does not disclose the total picture of Tax System.
2. As this tax is not common in Bangladesh so we faced lot of problems
This report highlights on our practical experience of mechanism of collection of gift tax by National Board of Revenue (NBR).
To complete the report successfully, we tried to gather information from News Paper, web sites. But the NBR does not provide information in the web site directly and even it does not publish total process to collect taxes from different sector. For this reason we had to visit NBR several times and thus we were successful to collect information about gift tax in Bangladesh.
To complete this report, we have gained practical knowledge about various type of Tax System. We also learned the difference sources of taxes and how successful NBR is to collect these taxes. We also got a clear view about the trend of giving gift tax by Bangladeshi people. The rules and regulations are elaborately discussed in this report
Objective of the Study
We can gain knowledge about the tax system of Bangladesh by studying this topic. As following aspects of tax we can learn from this study:
1. The Definition of gifts according to Income Tax Ordinance 19842. The exemptions, tax rate and process of calculating the value of gifts followed by the law.
3. The effectiveness of NBR to collect Gift Tax
4. The problems NBR faces to collect gift tax.
5. The proportion of gift tax comparing to other sources of tax.
Methodology of The Study
Primary Source: We had talked to officials of NBR and after interviewing them we also got some useful information to complete this report successfully.
Secondary Source: To make this overall assignment we followed the secondary sources like, online, reference, book, and journal.
Limitations of the Study
There are some limitations of this study. Therefore the assignment may lack some crucial data.
1. Necessary data and information of gift tax are neither adequate nor available. Because NBR does not disclose the total picture of Tax System.
2. As this tax is not common in Bangladesh so we faced lot of problems
Bibliography: Annual report 2008-2009, National Board of Revenue, Dhaka Amzad A.(2002), Tax Law (pp.159-162). Dhaka: Shafkat Publisher http://Bdlaw.minlaw.gov.bd www.nbr-bd.org