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Bangladesh Govt to Amend Stamp Law to Boost Revenue
Source: thedailystar.net
Source Date: Sunday, January 10, 2010
Focus: Institution and HR Management
Country: Bangladesh
Created: Jan 11, 2010

The government will amend the Stamp Act 1899 in a bid to increase revenue collections from the sales of revenue stamp and stamp paper.

The amendment is also aimed at reducing hassles of the customers who often face problems because of a scarcity of stamp and stamp paper in the market.

A proposal in this regard was approved in an inter-ministerial meeting last week and now awaits approval from the law ministry.

In the proposed system, people will pay duty through bank draft (chalan) and pay order while making deals especially for company registration and transfer of shares in the stock market, said Nasiruddin Ahmed, chairman of the National Board of Revenue (NBR).

“This is another step we are taking to strengthen the revenue collection drive. If we can simplify the existing system, it will help enhance transparency of the system and encourage people to pay duties properly."

“Now people often face difficulties while making important deals, mainly due to a scarcity of revenue stamp and stamp paper in the market. So we are trying to find alternative solutions to handle the issue and modernise the 'Stamp Act 1899',” he said.

In the new system, one can submit duties above Tk 300 in cash, and if the amount is more, one can pay through bank draft and pay order while making new deals, registering a new company or transferring shares, he said.

The modernisation will reduce cost of the government, remove anomalies in distribution and forgery of stamp papers and ease the bureaucratic load on sub-registry offices, said Ahmed.

He also said the government loses revenue from this sector due to circulation of counterfeit stamps every year.

Brokers often sell revenue paper and stamps at higher prices when there is a dearth in the market, the NBR chief said.

A revenue stamp, tax stamp or fiscal stamp is used to collect taxes or fees from registration of land and companies, tobacco, alcoholic drinks, medicines and firearms. These are some of the major sources of revenue income for the government.

At present, the government earns around Tk 5,000 crore from selling revenue stamp and stamp paper a year.
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