Cabinet returns draft income tax law for revision | 2017-08-21 |

Cabinet returns draft income tax law for revision

Sun Online Desk     21st August, 2017 06:24:57 printer

Cabinet returns draft income tax law for revision

The Cabinet has sent back the draft of "The Income-tax Act, 2017 asking the Internal Resources Division (IRD) to place it again in any next meeting after necessary scrutiny and revision.


"The cabinet with Prime Minister Sheikh Hasina in the chair has discussed the draft in details but sent it back asking IRD to bring changes in some places," cabinet division's secretary for coordination and reforms NM Ziaul Alam told a media briefing after the cabinet meeting at the Prime Minister's Office (PMO) on Monday, reports BSS.


Alam, however, did not elaborate which provisions of the draft law were asked to be revised saying that "it can be told after the revision".


The IRD placed the draft in the today's cabinet meeting for final approval which was supposed to replace the Income-tax ordinance 1984.


Alam said the cabinet also approved a proposal for ratification of the "Framework Agreement on the Establishment of the International Solar Alliance, an association of more than 121 countries which come either completely or partly between the Tropic of cancer and the Tropic of Capricorn.


Primary objectives of the countries, mostly sunshine countries, are to work together for efficient exploitation of solar energy, technological innovation, finance and capacity building to reduce dependence on fossil fuels.


As proposed by Indian Prime Minister Narendra Modi, the initiative was launched ahead of the UN Climate Conference (COP 21) in 2015 in Paris and the Framework Agreement of International Solar Alliance was opened for signatures in COP 22 in Marrakech, Morocco in 2016.


The alliance will have an assembly to take decisions and a secretariat for execution of the decisions. Members of the alliance don't need give any subscription. However they can give fund in terms of donation. India will be the depository of the alliance.


Alam said the cabinet today adopted a resolution expressing condolence and condemnation for barbaric grenade attack on a rally of the Awami League on August 21, 2004 claiming lives of dozens of people and crippling several hundred others for life.