Paying tax becomes more complicated in Bangladesh

Starting a new business becomes costlier and paying tax becomes more difficult in Bangladesh.

The World Bank Doing Business Index 2017, released on Wednesday across the world, has identified these things reflecting the fact that Bangladesh is still far behind on ease of doing business.

The global ranking puts the country on 176th among 190 countries, showing that Bangladesh has advanced two steps over last year’s comparable ranking (178th).

Nevertheless, the country is the seventh among eight countries in South Asia in the index.

The report mentioned that the country earlier made paying taxes less costly for companies by reducing the corporate income tax rate.

But now the country made paying taxes more complicated for companies by increasing the time it takes to prepare VAT and corporate income tax returns.