For 53 years, Bangladesh’s trade has been navigated by the compass of a dated Customs Act. However, 2023 ushered in a paradigm shift with the enactment of the new Customs Act-2023, promising smoother sailing for businesses and a revitalized trade landscape. Let’s delve into the legal depths of this transformative law, charting its course through transparency, accountability, and efficiency.

Floating Exchange Rates: Daily forex fluctuations determine customs value, promoting transparency and eliminating the potential for manipulation of fixed rates. Electronic Record Keeping & Payment: Minimizes paperwork, reduces red tape and enhances transaction transparency. Collateral & Bank Guarantees: Alternative to cash payment for duties in specific cases, improving flexibility and reducing financial burdens.

10% Penalty on Cargo Delays: Incentivizes faster clearance at ports, reducing congestion and promoting efficiency. Assessment of Penalty Frequency & Impact: Authorities will analyze data to ensure penalties are proportionate and targeted. Fines of up to 800% for Customs Offenses: Categorized based on offense severity, deterring illegal activities and ensuring fairness. Defined Duties for Importers & Exporters: Clarifies responsibilities and reduces ambiguity, encouraging compliance and ethical trade practices. Reduced Discretionary Power of Customs Officials: Standardized procedures and established guidelines minimize opportunities for bias and unfair treatment. 

There are a few other major changes made by the new Act.

Under the new Income Tax Act of 2023, the changes are expected to have a significant impact on taxpayers, businesses, and the government. Some of the key changes to the tax code include Increased tax slabs, Increased tax rates on dividends and capital gains, new tax incentives for businesses e.g., increased investment allowance, and new tax credit for research and development.

The new law also includes several new tax enforcement measures, such as Increased penalties for tax evasion, and increased powers for the tax authorities to investigate tax evasion.

We will discuss the recent changes & also common legal disputes involving Customs Act & Tax Act matters. Participants are required to join physically. Please note we have limited space for physical participation. The Seminar will be conducted on the 29th May, 2024 (Wednesday) from 3.30pm to 5.00pm at Rahman’s Chambers, Headquarters, Suite 5B, 4th Floor, Ataturk Tower 22, Kemal Ataturk Avenue, Banani C/A, Dhaka-1213.

Join the event to enhance your knowledge and make yourself aware of the current legal issues.

Divisional Head, Taxes & Finance Division

Senior Member, Investment & Business Setup Team

 

Rahman’s Chambers, Headquarters

 

M. Com (Masters in Commerce) Comilla Victoria

 

B. Com (Bachelor in Commerce) Comilla Victoria

 

LLB (National University)  

 

Advocate, Supreme Court of Bangladesh.

Associate

 

Member, Dispute Resolution, Taxes & Finance Dept.

 

Rahman’s Chambers, Dinajpur

 

MSS (Masters) Dinajpur Govt. College

 

BSS (Hon’s) Dinajpur Govt. College

 

LLB Dinajpur Law College

 

Advocate, Dinajpur Judge Court