Collection of income tax exceeds that of last year by Tk 60m so far
Tuesday, 11 November 2008
Doulot Akter Mala
Collection of income tax this year exceeded that of last year by Tk 60 million on Sunday with three more days remaining for submission of returns, officials said.
The National Board of Revenue (NBR) on last Thursday extended the deadline for submission of tax returns until November 12.
Around 0.15 million individual taxpayers submitted tax returns on Thursday alone before the time was further extended.
Until Sunday, the NBR received nearly Tk 8.0 billion tax against 0.62 million individual tax returns.
Last year, the NBR received Tk 7.39 billion tax from 0.64 million tax returns.
This year, the NBR has received higher amount of tax compared to tax returns of the previous year as some wealthy persons have declared a much higher income than that of last year.
The NBR has extended the time frame for the third time following rush of taxpayers and requests by the election commission (EC).
The NBR has also found that almost all of the taxpayers have been submitting the tax returns under universal self-assessment method, a senior tax official said.
Those taxpayers' would have had to pay tax under general method if he/she dropped application for filing tax returns after expiry of the time frame, he said.
The NBR wants to encourage those taxpayers' to pay tax under universal self-assessment method where he/she will not face any hassle from the taxmen, he added.
Officials said the tax return submission trend was very poor a fortnight ago but now the taxmen are confident about collecting higher revenue and receiving higher tax returns than that of last year.
Last year, there was an accounting error on calculation of actual number of tax return submission, they said.
The NBR in an overall assessment found that the figure 0.64 million tax returns was wrong, as a number of taxpayers' have submitted multiple tax returns to avail the opportunity of formalising undisclosed income, they added.
NBR officials said actual number of tax returns was below than that of the showed data, they said.
This year, the NBR board will get the actual data of the number of individual taxpayers, they added.
Collection of income tax this year exceeded that of last year by Tk 60 million on Sunday with three more days remaining for submission of returns, officials said.
The National Board of Revenue (NBR) on last Thursday extended the deadline for submission of tax returns until November 12.
Around 0.15 million individual taxpayers submitted tax returns on Thursday alone before the time was further extended.
Until Sunday, the NBR received nearly Tk 8.0 billion tax against 0.62 million individual tax returns.
Last year, the NBR received Tk 7.39 billion tax from 0.64 million tax returns.
This year, the NBR has received higher amount of tax compared to tax returns of the previous year as some wealthy persons have declared a much higher income than that of last year.
The NBR has extended the time frame for the third time following rush of taxpayers and requests by the election commission (EC).
The NBR has also found that almost all of the taxpayers have been submitting the tax returns under universal self-assessment method, a senior tax official said.
Those taxpayers' would have had to pay tax under general method if he/she dropped application for filing tax returns after expiry of the time frame, he said.
The NBR wants to encourage those taxpayers' to pay tax under universal self-assessment method where he/she will not face any hassle from the taxmen, he added.
Officials said the tax return submission trend was very poor a fortnight ago but now the taxmen are confident about collecting higher revenue and receiving higher tax returns than that of last year.
Last year, there was an accounting error on calculation of actual number of tax return submission, they said.
The NBR in an overall assessment found that the figure 0.64 million tax returns was wrong, as a number of taxpayers' have submitted multiple tax returns to avail the opportunity of formalising undisclosed income, they added.
NBR officials said actual number of tax returns was below than that of the showed data, they said.
This year, the NBR board will get the actual data of the number of individual taxpayers, they added.