Facebook-Google will have to pay taxes in the country
All the companies which do not have offices but are conducting digital business activities in Bangladesh will be brought under the tax cover in the next financial year. In the proposed budget for the fiscal year 2022-23, all digital service providers like Google, Facebook, and YouTube will have to pay taxes, Finance Minister AHM Mustafa Kamal has indicated.
The finance minister said non-resident organizations that do not have offices in the country but have activities do not have to file income tax returns till the current financial year. However, changes may come from the next financial year.
At present, there are no offices of global tech giants like Google and Facebook in the country, but there are activities. All these digital service providers will be brought under the tax from the next financial year.
This year's budget of Finance Minister AHM Mustafa Kamal is the fourth budget of the third consecutive term of the Awami League government. Besides, this is the 51st budget of the country and the 23rd budget of the Awami League-led government. The title of this year's budget was 'Overcoming the COVID-19's shock and returning to the continuity of development.
Coronavirus and the Russia-Ukraine war are having a devastating effect on the country's economy. Commodity prices have risen at an unusual rate. Money is repeatedly depreciating against the dollar. For good reason, this year's budget has given more importance to inflation control, agriculture, human resources, and several other sectors.
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