The number of individual taxpayers is set to grow by 20 per cent in the current fiscal year (FY), 2014-15, following the taxmen's increased efforts and monitoring to widen the tax-net.
The National Board of Revenue (NBR) has attained an impressive growth of 13.64 per cent in income tax collection in the first five months of the current FY over the corresponding period of the previous FY.
The Income Tax Wing has exceeded its target by Tk 1.08 billion in July-Nov 2014.
"Our provisional estimate suggests that around 200,000 new individual taxpayers would come under the tax-net in FY 2014-15. The trend of tax return submission is so far impressive, compared to that of the previous fiscal," said NBR member (income tax) Md Bashir Uddin Ahmed.
According to available data of the wing, some 835,000 individual taxpayers submitted their tax-returns within November 30, 2014 that was 671,520 in the corresponding period last year.
Besides, nearly 200,000 individual taxpayers submitted petitions, seeking additional time for submission of their respective tax returns, as the deadline expired on November 30.
The wing received 1.0 million (1,001,559) tax returns from both individual and corporate taxpayers until the deadline.
Last year, the number of tax returns was 975,283 from individual and corporate taxpayers till Nov 30.
In July-November 2014, the NBR received tax amounting to Tk 13.33 billion with returns of some 835,000 individual taxpayers. Some 21,799 companies also submitted tax returns in that period.
Mr Ahmed said income tax collection would see a significant rise after December 31, the deadline for submission of returns by majority of the corporate taxpayers.
"I hope the newly-registered taxpayers, some 300,000 in number, with e-TIN and surveyed new taxpayers would be added to the actual number of individual taxpayers this FY."
The Income Tax Wing is being able to motivate people through tax-fairs and tax education initiatives across the country. Such steps for popularising due payment of income tax would bring a long-term positive impact on the economy.
The governmnet has attached the utmost importance to income tax collection in FY 2014-15. The target for direct tax collection has been set Tk 565 billion, the highest among the three wings of the NBR, for the first time, he added.
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