In the light of the Payroll Tax Consultancy in Bangladesh, the government is imposing strict rules and regulation on employer regarding payroll taxation such as deducting and withholding tax, depositing withholding tax, preparing and providing withholding certificate to employee, submission of annual tax return of employee.
Employer under the shimming light of the Payroll Tax Consultancy in Bangladesh, the employer is bound to deduct payroll or salary tax, submitting withholding, preparing and distributing tax deduction certificate of employee at the year-end as per income tax policy in Bangladesh.
In current years, Bangladesh government is adding another rule, which is to bound the employer to monitor and ensure that employees are submitting annual tax return within stipulated time. If employer fails to comply these rules and regulations, then tax authority of Bangladesh disallows all expenses regarding payroll and facing several penalties.
On the other hand, employee would want to get all tax benefits within boundaries of tax rules and regulation, therefore, the followings are needed to be addressed:
- Tax optimization
- Proper calculation of tax benefit
- Timely disbursement of salary after tax deduction
- Provident fund deduction.
- Life insurance deduction
Timely distributing tax deduction certificate at the end of the year.