Jump in submitting tax returns

Dhaka,  Mon,  25 September 2017
Published : 02 Dec 2016, 00:33:25 | Updated : 02 Dec 2016, 10:36:52

Tax return submission jumps by 40 per cent this year

Campaign yields good result, says NBR
FE Report

The submission of income tax returns by individual taxpayers has increased by over 40 per cent this tax year as the deadline expired Wednesday.

Some 11,44,497 individuals submitted the returns by the deadline while the number was 8,15,483 within the deadline of last year, said a tax official Thursday.

However, the total number of income tax returns at the end of last tax year stood at around 1.1 million.

In a statement, NBR chairman Md Nojibur Rahman appreciated 'successful completion' of the events like income tax fair, tax day and tax week.

He said income tax collection, return submission and e-TIN registration posted record rise this year as compared to last three years.

Observers attributed the substantial increase in return submission to widespread motivational campaign by the National Board of Revenue (NBR).  

NBR member income tax administration and human resource development Md Abdur Razzaque expected the number of returns would be increased to around 1.6 million at the end of fiscal year (FY) 2016-17.

Within the deadline, the tax offices received 2,50,000 higher returns this year than the previous year, he added.

Some 1,51,889 individuals applied for additional time to submit their returns as they could not make it by the deadline.

The NBR received a total of Tk 33.35 billion in income tax against the returns submitted by the deadline. Of the amount, about 66 per cent collected from the income tax fair held on November 1-7, 2016.

Of the total tax returns, the NBR received 1,49,598 returns in the income tax fair-2016 and collected Tk 21.92 billion in income tax.

In the income tax week from November 24 to 30, some 3,11,997 individuals submitted returns with Tk 6.14 billion in income tax.

Some 639 tax circle offices across the country received 6,37,902 returns with Tk 5.28 billion in income tax from July 1 to November 30, 2016.

Number of electronic tax registration also jumped to 2.4 million in the first five months of the current fiscal.

Officials said income tax measures announced in the budget have helped increase the submission of tax returns and obtaining e-TIN registration.

For the first time this year, the NBR did not extended the time for submission of the income tax returns.

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