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NBR Forms Task Force to Reform Income Tax Law
The National Board of Revenue Building
The National Board of Revenue (NBR) has established a seven-member task force to review and propose reforms to the Income Tax Law 2023, with the goal of creating a more taxpayer-friendly and business-oriented framework.
Chaired by Tax Commissioner Ikhtiar Uddin Mohammad Mamun, the task force will examine various components of the current law, including income tax regulations, statutory orders, and their effects on taxpayers.
In addition to assessing the law's enforcement mechanisms, the panel will evaluate the tax exemptions granted to different sectors and recommend necessary changes.
The group plans to consult a diverse range of stakeholders, including businesses and individual taxpayers, to gather insights based on their experiences.
The Income Tax Law 2023, which replaced the 1984 Income Tax Ordinance, was enacted in June last year and introduced significant changes to tax return filing, corporate tax rates, and the authority of tax officials.
The findings and recommendations of the task force are expected to be instrumental in shaping a tax system that better meets the needs of both individual taxpayers and businesses, fostering a more conducive economic environment.