For all latest news, follow The Financial Express Google News channel.
The National Board of Revenue (NBR) has formed a seven-member task force to review and propose reforms to the Income Tax Law 2023, aiming to make it more pro-people and business-friendly.
Led by Tax Commissioner Ikhtiar Uddin Mohammad Mamun, the task force will scrutinize various aspects of the current law, including income tax rules, statutory regulatory orders, and their impact on taxpayers.
In addition to reviewing the law’s enforcement, the panel is tasked with evaluating the tax exemptions granted to different sectors by the NBR and suggesting necessary reforms.
The group will hold consultations with a wide range of taxpayers, including businesses, to gather feedback based on their experiences in the field, according to a UNB report.
The Income Tax Law 2023, which replaced the Income Tax Ordinance of 1984, was implemented in June last year. It introduced significant changes to tax return filing, corporate tax rates, and the powers of tax officers.
The task force’s findings and recommendations are expected to play a crucial role in shaping a tax system that better serves both individual taxpayers and businesses.