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A Leading Avoidance & Evasion Of Tax For Your Benefit
Tax Evasion In Bangladesh
Tax Avoidance In Bangladesh
Learn The Difference Between Tax In The Form Of Avoidance And Evasion With Our Experts
We Are Ready With Tax Avoidance & Evasion Arrangements
Our Assistances In 7 Methods of Tax Avoidance in Bangladesh
underpricing is used to avoid a prorate import duty for a reduced tax base.
2. Ambiguity of Tax laws:
all the remaining tax laws, that leaves the taxpayers unclear of any remaining term is a prospective source for the taxpayers of tax avoidance.
3. Forming Distinct legal entities:
legal entities as trusts or foundations, assets that are donated for the welfare of one’s property to release gains or income earned is another tactic to avoid tax.
4. Minimizing Tax liabilities:
multinational companies manipulate the prices of goods and falsify the prices of the products and intangible assets to minimize tax liability.
5. Transferring properties:
one can avoid tax liability by transferring their property to their significant others or to their dependent child to reduce tax liabilities.
6.Creating Private limited companies:
by creating private limited companies with near and dear people, an individual can minimize their tax liabilities.
7. Transferring profit:
any business organization can minimize their tax liabilities by transferring part of their profit prior to converting it to the capital can be another tactic of tax avoidance.
Our Dynamic Solutions To 7 Tax Problems
1. High tax rate:
High rate of tax is one of the main reasons for tax evasion in Bangladesh. Corporate tax rates are higher in Bangladesh, which prevents this problem from being sorted out.
2. Corrupted income Tax Department:
Corrupted higher levels of bureaucrats and government officials has increased the size of the informal economy and thus increases tax evasion in the country.
3. Political Turbulence:
political turmoil provokes tax evasion as the politicians try to control tax administrators and taxpayers to achieve control over them and the process.
4. Lack of Information:
to detect and reduce tax evasion, it is important to detect it first, as information asymmetry is one of the main barriers that a tax administrator faces while detecting the problems which makes a taxpayer capable of hiding their tax liabilities.
5. Insufficient tax Administration:
inefficient and inadequate tax administration increases tax evasion in the country, as poor level of enforcement always encourages tax evasion.
6. Inadequacy and complexity in Tax laws:
Bangladesh has the most tough tax regime for anyone which encourages the dishonest taxpayers to evade taxes using the obscurity of the taxation system.
7. Lack of knowledge:
as in Bangladesh, taxpayers are not really knowledgeable, and since information found from the government is complex and confusing, taxpayers find it easier to evade taxes than to go through the obscurity and clarify their tax liabilities decided by these tough to explain laws.
Tax Planning For The Best Long Term Outcome
Minimizing Taxes with NetworkBD’s Efficient Tax Planning
Advanced planning can help minimize taxing. All tax planners use one of these strategies to minimize the payment of taxes and to structure transactions for the lowest possible marginal tax rate:
- Minimize taxable income
- Maximize tax deductions and tax credits
- Controlling the time of income and deductions
Get 4 processes explained in Details:
There are many subtle points to be clear to a taxpayer and a tax planner. In details, the methods of best taxation planning are as described below:
- Solid estimate of personal and business income is required to plan effective taxation for a stable and long period of time. A stable income or expense projection is needed as some tax planning strategy that lowers taxes on one income can result in the increase if income rises in the next few years.
- One should be projecting their sales revenues, income and cash flow for general business planning purposes to have available information accurately to plan the best way possible.
- Deductions and credits also minimize taxes. If one’s goal is to reduce the amount of tax, they can do it by- a) taking full advantage of every available deduction to reduce the taxable income b) determining the unsettled tax due and claiming every tax credit available.
- It’s important to know whether to claim a credit or a deduction, as a credit reduces the amount of tax bill pie to pie while the value of a deduction is affected by the marginal tax rate.
Choose NetworkBD To Avoid All Penalties
We offer tax planning to our clients who are in need of it. We serve in different ways, like:
- We learn the details of a client’s income, both business and personal income firstly before planning.
- We offer tax planning to minimize the amount of tax payables and maximize the outcome.
- We provide our clients with detailed planning so that they know what they are up to.
- We have a team of taxation experts who are always alert to provide help in need.
- Our experts will not go for only loopholes, rather they are always willing to understand the needs of our clients to ensure the get the best tax planning and advice from our proficient team.