Bangladesh, Feb. 17 -- The Bangladesh Investment Development Authority (BIDA) has recently suggested updating of the fiscal depreciation, as mentioned in the third schedule of the income tax ordinance.
During a meeting with the officials of the National Board of Revenue (NBR) and other stakeholders recently, the BIDA found the system of recognising and categorising the products for fiscal depreciation rather complex.
The revenue board should follow revaluation method for determining the value of property, plant and equipment, which will reflect economic reality, the state-investment promotion agency said.
The BIDA told the meeting the current "fiscal depreciation" system is largely based on historical cost and discourages investment.
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