The Income Tax Bill 2023 was passed in the parliament today, abolishing a provision for mandatory submission of wealth statement for persons travelling abroad except for taking medical treatments or religious issues.
The bill will replace the Income tax Ordinance 1984 and curbing discretionary powers of the income tax officer. Finance Minister AHM Mustafa Kamal placed the bill, which was passed by voice votes.
While the previous one was in English, provisions in the new law have been converted into simple Bangla and made more contemporary aligned with international best practices, applicable from the upcoming fiscal year.
Currently, the government is collecting direct tax under Income Tax Ordinance-1984. There was a full-fledged income tax act in 1922.
