Income tax return filing up by 42% till 29 Nov
Some 22 lakh taxpayers have filed their income tax returns till 29 November – which is about 42% higher than the same period last year, according to the National Board of Revenue (NBR).
Collection of taxes in the same period have increased by 52%.
Meanwhile, the NBR has extended the deadline of income tax return filing by one month till 31 December.
With more than 80 lakh Tax Identification Number (TIN) holders in the country, tax officials hoped at least 40 lakh TIN holders would file their tax returns.
"There is no alternative to digitalisation of the entire management to increase the number of taxpayers and ensure tax compliance," Comptroller and auditor general Mohammad Muslim Chowdhury said yesterday at a seminar organised at the Revenue Building in Dhaka's Segunbagicha on the occasion of the Tax Day.
He emphasised on coordination of NBR tax, value added tax (VAT) and customs.
NBR chairman Abu Hena Md Rahmatul Muneem, who presided over the seminar, also acknowledged the importance of digitisation to increase tax compliance.
NBR member Pradyut Kumar Sarker highlighted various steps taken by the NBR over the last few years to increase the tax net.
He said that due to the connectivity of the tax department with the database of various government and private organisations, an opportunity has been created to bring a large number of taxpayers under the tax net.
Mohammad Muslim Chowdhury urged to give some discount in the beginning to encourage taxpayers to file their returns.
Doubts on getting 40 lakh returns
Filing of tax return is mandatory if the annual income exceeds Tk3 lakh. Besides, proof of tax return submission has also been made mandatory in the latest budget for taking 40 types of services. If the service providers fail to meet this compliance, large fines have also been introduced. As a result, NBR officials expected to collect at least 40 lakh tax returns this year. Last year a little over 25 lakh returns were filed.
A senior NBR official said some 34 lakh returns are likely to be deposited by December.
Former NBR commissioner Bazlul Kabir Bhuiyan told The Business Standard that the country's economy is not good and most people's incomes have not increased.
"Due to these reasons people are less interested in filing returns. Besides, due to the discussion of a possible extension, the expected number of returns have not been collected at the end," he added.