• Tuesday, Sep 25, 2018
  • Last Update : 05:16 pm

Cabinet sends back draft income tax law for revision

  • Published at 06:41 pm August 21st, 2017
Cabinet sends back draft income tax law for revision
The Cabinet has sent back the draft of "The Income-tax Act, 2017” asking the Internal Resources Division (IRD) to place it again in any next meeting after necessary scrutiny and revision. "The cabinet with Prime Minister Sheikh Hasina in the chair has discussed the draft in details but sent it back asking IRD to alter some parts," cabinet division's secretary for coordination and reforms NM Ziaul Alam told a media briefing after the cabinet meeting at the Prime Minister's Office (PMO) on Monday, reports BSS. Alam, however, did not elaborate which provisions of the draft law were asked to be revised saying that "it can be told after the revision". The IRD placed the draft in the cabinet meeting for final approval on Monday which was supposed to replace the Income-tax ordinance 1984. Alam said the cabinet had also approved a proposal for ratification of the "Framework Agreement on the Establishment of the International Solar Alliance”, an association of more than 121 countries, most of them being sunshine countries, which come either completely or partly between the Tropic of Cancer and the Tropic of Capricorn. Primary objectives of the countries, mostly sunshine countries, are to work together for efficient exploitation of solar energy, technological innovation, finance and capacity building to reduce dependence on fossil fuels.