[Home] [Databases] [WorldLII] [Search] [Feedback] Bangladesh Acts

You are here:  CommonLII >> Databases >> Bangladesh Acts >> Finance Act, 1993

[Database Search] [Name Search] [Noteup] [Help]

Finance Act, 1993

Act No.18 of 1993

An Act made to give effect to the financial proposals of the Government and to amend certain Acts

Whereas it is expedient to give effect to the financial proposals of the Government and to amend certain Acts for carrying out the porposes mentioned below;

Now, therefore, it is enacted as follows:-

1. Short title and commencement.- (1) This Act may be called the Finance Act, 1993.
(2) This Act shall come into force on first July, 1993, subject to the provisions of the Provisional Collection of Taxes Act, 1931 (XVI of 1931) and the declaration issued thereunder and the provision of sub-section (3).
(2) Section 8 (7) of this Act shall be deemed to have come into force on first July, 1991.
2. Amendment of Act II of 1899.- In the Stamp Act, 1899 (II of 1899),-

(a) in section 64, for the words "five thousand taka" the words, brackets, letters and comma "fifty thousand taka and shall also be liable to pay the amount of the money by which the Government has been defrauded due to his act or omission under clause (a), (b) or (c)" shall be substituted;
(b) for Schedule I the Schedule I stated in the First Schedule shall be substituted.

4. Amendment of Act XV of 1963.- In the Wealth Tax Act, 1963 (XV of 1963), for the Schedule the following Schedule shall be substituted, namely:-
 
 

 
 

	Rate
1. On the first Tk 25 lakh of net wealth	nil.
2. On the next Tk [ 25 ] lakh of net wealth	1/2 per cent.
3. On the next Tk 50 lakh of net wealth	3/4 per cent.
4. On the balance of net wealth	1 per cent.

 
 
 

& & Rate
1. & On the first Taka twenty five lakh & 
& of net wealth ... ... & Nil
2. & On the next Taka lakh of & 
& net wealth ... ... & 1/2 per cent.
3. & On the next fifty lakh of & 
& net wealth ... ... & 3/4 per cent.
4. & On the balance of net wealth & 1 per cent.

Provided that where for any year wealth-tax is payable along with income tax by an assessee and the aggregate of income tax and wealth-tax exceeds 30 per cent. of total income, the amount of wealth-tax payable shall be reduced by the amount by which the said aggregate exceeds 30 per cent. of the total income.".

8. Amendment of Act No.22 of 1991.- In the Added Value Tax Act, 1991 (Act No.22 of 1991),-
(1) in section 2, in clause (x), after the words "added value" the words "or advance income-tax" shall be inserted;
(2) in section 6, after sub-section (4) the following sub-section shall be inserted, namely:-
"(4A) Notwithstanding any other provisions in this section, added value tax payable by any building firm, indenting organisation, travel agency, motor car garage and workshop and dockyard and any person rendering services specified in this behalf by the Government from time to time by notification in the official Gazette shall, at the time of the payment of the service value or commission and in suich manner as may be prescibed, be realised/reduced at source and deposited with the public treasury by the person receiving the service or, as the case may be, paying the service value or commission.
(4B) Any person realising or reducing added value tax at source under sub-section (4A) shall, in such manner as may be prescribed, make out a receipt for such realisation or reduction to the person rendering the service relating to such realisation or reduction, which shall contain the following informations, namely:-

(i) the registration number of the payer of the added value tax;
(ii) the total service value or commission payed for the service rendered;
(iii) the service value or commission fit for ascertainment of added value tax;
(iv) the amount of added value tax realised or reduced; and
(v) such other informations as may be required in accordance with the rules.

(i) such added value tax shall, together with a monthly interest at a rate of two per cent., be realisable from the person paying the service value or commission and it shall be realised as if he were a person rendering services under sub-section (4A);
(ii) added value tax realised, reduced at source and deposited under sub-section (4A) shall be deemed to have been paid on behalf of the person rendering the service concerned in accordance with the provisions of this Act and shall, subject to the receipt made out under sub-section (4B) being in force, be mentioned in the return referred to in section 35 as tax paid by the person rendering the service concerned;

(a) all actions done and all measures taken under the repealed Ordinance shall be deemed to have been done or taken under this Act; and
(b) all rules made, all orders given and all notifications or notices issued under the repealed Ordinance shall, subject to being not inconsistent with the provisions of this Act, remain in force until being repealed or amended and shall be deemed to have been made, given or issued under this Act."