Return submission deadline extended until April 30

The National Board of Revenue has further extended the deadline for submission of corporate-tax returns by two months until April 30 next, according to an order issued by the NBR on Tuesday.

The deadline was scheduled to expire today (Wednesday), following the first extension from January 15 last.

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) earlier requested the revenue board to extend the deadline by two months without imposing any penalty.

In a letter on February 20, FBCCI President Md Mahbubul Alam said the companies need more time to adapt to the new Income Tax Law-2023 and also to get audited financial statements containing Document Verification Code.

The global financial adversity, inflation, dollar crisis and upcoming Ramadan kept businesses busy with import-export activities of essential commodities, resulting in delays to prepare necessary documents for return submission, he wrote.

Under the new income tax law, the tax authority is empowered to impose taxes on the entire income of a company or individual in case of failure in submission of tax returns within the deadline.

Also, the corporate taxpayers would be subject to pay a 10-percent penal tax on the amount of assessed tax of the previous tax year.

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