Role of Tax Authority Essay
The term 'tax' has been derived from the French word taxe and etymologically, the Latin word taxare is related to the term 'tax', which means 'to charge'. Tax is an obligatory payment in the part of the citizen without the expectation of any direct benefit. Taxation is the obligation of non-penal, yet compulsory transfer of resources from the private to the public sector levied on a basis of predetermined criteria and without reference to specific benefit received. It is one of the major sources of public revenue.
There are basically two types of taxes, one is direct and another is indirect tax. Direct tax is a sort of tax the impact /incidents fall back on the person on whom it is imposed. Indirect taxes are those burden …show more content…
Bangladesh: A Developing Country
Bangladesh, as an emerging developing country, is committed to augmenting revenue and achieving fiscal discipline with a view to increasing self-reliance. In recent years, the Government of Bangladesh has initiated some administrative and policy reforms in the tax system. An improved tax administration in association with some pragmatic policy initiatives has resulted in a modest improvement in the tax-GDP ratio of late. The supreme tax authority of Bangladesh is National Board of Revenue (NBR).
National Board of Revenue (NBR)
National Board of Revenue (NBR) an organ of the Ministry of Finance. It lies at the apex of the whole revenue organization of the government and is responsible for the administration of almost all the direct and indirect taxes. In addition to collection of taxes, NBR plays a key role in formulation and implementation of the fiscal policy of the government.
NBR was constituted in 1972 under the National Board of Revenue Order 1972, which repealed and replaced the Central Board of Revenue Act 1924.[ ]
Functions of NBR