You need the Flash 8 plugin to view this banner.
Bookmark and Share
Wednesday, June 26th 2019
You need the Flash 8 plugin to view this banner.
International Finance Corporation
Register

Enter your email address to receive FREE global mediation news



Unsubscribe

Sponsors





Find out more >>


Featured Global Network Partner



Find out more >>

Find out more >>




Home > Country profiles > International Finance Corporation > Articles > Article detail



Alternative dispute resolution gains popularity

Thursday, 24th January 2014

&quot;The method of resolving tax disputes out of court is gaining popularity due to its time-saving and cost effective nature.<div id="content" class="content-post" style="margin: 0px; padding: 0px; font-family: Arial, Regular; font-size: 12px; position: relative !important; clear: both !important"><p style="margin: 0px 0px 10px; color: #111111; line-height: 22px; padding: 5px !important">Tax disputes worth nearly Tk 500 crore were resolved between July 2012 and October 2013 through alternative dispute resolution methods, according to the International Finance Corporation.<br />Masrur Reaz, programme manager of the IFC-managed Bangladesh Investment Climate Fund, said ADR has been proven an effective mechanism worldwide when it comes to providing quick solutions to businesses and other disputes.<br />&ldquo;Similarly, businesses in Bangladesh, both local and foreign, will immensely benefit from ADR mechanisms.&rdquo;<br />IFC has helped the government develop the concept of ADR and make a mechanism to turn the system into an effective tool.<br />Pursued by IFC, the National Board of Revenue introduced ADR in July 2012 to help resolve tax disputes out of court. Around 50,000 tax-related cases involving over Tk 20,000 crore are pending with the courts, according to NBR officials.<br />Of the amount, the majority is involved with disputes related to customs duties, followed by income tax cases.<br />Officials said over 400 tax disputes were settled till the end of December last year. &ldquo;People are coming to us to settle disputes under ADR, but their number is not very exciting,&rdquo; said an NBR official.<br />He said the response to solving customs-related disputes through ADR has been &ldquo;frustrating&rdquo; but &ldquo;good&rdquo; in case of solving income tax-related disputes.<br />The official, however, said many people are yet to know about these alternative methods of resolving disputes out of court.&quot;</p></div>


Web-link: http://www.thedailystar.net/business/alternative-dispute-resolution-gains-popula...
Language: English


< Back