Income Tax Fair begins in capital, elsewhere on Nov 1

25 Oct,2017


Dhaka, BdChronicle:

The weeklong Income Tax Fair will begin in the capital and the country’s seven divisional cities on November 1 next.

In Dhaka, the National Board of Revenue (NBR) will organise the fair in its own building in the city’s Agargaon area.

The fair will remain open from 10am to 5pm every day.

However, the Income Tax Fair at the district level will be held on any four days in the first week of the next month while in selected 32 upazilas, it will be held on two days and a daylong fair will be held in 71 upazilas on mobile vans.

The NBR fetched Tk 2,129.67 crore from the weeklong Income Tax Fair last year.

According to the NBR, some 928,973 people availed of various services from the tax fair last year. Of them, 19,498 submitted their income tax returns at the fair.

A total of 36,853 people took new tax identification numbers (TIN) from the fair.

Meanwhile, the NBR will also observe November 30, the last day for submission of income tax returns, as the National Income Tax Day.

“There’s no chance of extending the deadline through an executive order as the 2016-17 budget fixed it…the budget is a law,” an NBR senior official told UNB.

Instead of the eight-page form, the taxpayers from this year will fill up a three-page form in the new format for submitting their returns.

Of the three pages, the first page is containing personal information while the second page is for mentioning the source of income and the third page gave the scope for scrutiny.

To give a comfortable space to the taxpayers, those whose income is less than Tk 2 million per annum are relieved from submitting wealth statements.   

According to the NBR sources, interest will be imposed on the income tax returns that will be submitted after the November-30 deadline.

“This system was introduced in the last fiscal year. The taxpayers who will seek additional time will have to pay the interest as per the newly inducted 73A rule of the Income Tax Ordinance,” an NBR official said.

As per the rule, the taxpayers have to pay 2 percent interest on his income tax per month.

A taxpayer can be able to submit delayed income tax returns with interest for one year.

Currently, the tax-GDP ratio in Bangladesh is just over 10 percent which is more than 15 percent in neighbouring countries.

The revenue target for the NBR for the current fiscal year (2017-18) was set at Tk 248,190 crore while that of non-NBR tax revenue collection at Tk 8,662 crore and the target of non-tax revenue collection is Tk 31,179 crore.

Of the total revenue target of NBR, Tk 91,344 crore will come from VAT while Tk 86,867 crore from income tax and corporate tax, Tk 30,153 crore from import and export duty and Tk 38,212 crore will be generated from supplementary duty.

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