Deadline for submitting tax returns extended upto Oct 31
Tuesday, 25 September 2007
FE Report
The National Board of Revenue (NBR) said Monday it has extended the time to October 31 for submission of tax returns for fiscal 2007-08 by individuals.
The current deadline for submission of tax returns under both universal self-assessment and general categories expires on September 30.
The government has extended the time frame considering the demands of the taxpayers, NBR Chairman Badiur Rahman told newsmen Monday.
The holy month of Ramadan, Eid vacation and floods were taken into account while taking the decision on the extension of time, he said.
He expressed the hope that the NBR was expected to receive a satisfactory response to filling of tax returns this year due to adoption of some effective measures like introduction of easier tax return form and reduction of discretionary power.
"We will make the whole procedure further easier in the next fiscal," he said.
The taxpayers' identification number (TIN) holders are about 2.1 million, but only half of them pay tax. The board is not able to identify all of them because of insufficient manpower.
The NBR chief made it clear that there will be no time extension for legalising undisclosed income with payment of 5.0 per cent penalty. The deadline will expire on September 30.
After the time frame, the board will take action against the large tax evaders as per existing law, he said.
The NBR chief said there were requests made by the big tax payers to offer the opportunity of legalising undisclosed income, but their response remained below the satisfactory level.
According to some economists, there is a large amount of undisclosed money in the non-formal economy. But, the NBR has not been receiving response matching such an assessment.
Until Monday, the board received Tk 4.92 billion tax against Tk 28.82 billion undisclosed income, declared by 18,895 individuals.
The board has sent letters to the Bangladesh Bank (BB) requesting it to open the treasury section of all scheduled banks on September 29 (Saturday).
On September 30, the board will remain open up to 4.30 pm, instead of 3.30 pm, to facilitate the undisclosed money holders to avail themselves of the opportunity until last minute.
Badiur Rahman said the NBR will get higher response this time from the taxpayers because of the offer on legalising undisclosed income, on-going tax survey that identified 50 per cent new taxpayers, extension of VAT net and revenue collection drive by VAT teams.
Until September 17, the NBR team found 42,837 new taxpayers out of 73,493 individuals surveyed across the country.
Asked whether duty exemption from imports of different essential commodities have any positive impact in the market, he said it only reflects the government's efforts to rein in prices of essentials.
The whole market mechanism and soaring commodity prices in the international market is responsible for the current price hike, he said.
The government has waived import duty from nine essential commodities. However, the tax revenue collection target for customs department is still higher followed by Value Added Tax (VAT) and income tax.
The National Board of Revenue (NBR) said Monday it has extended the time to October 31 for submission of tax returns for fiscal 2007-08 by individuals.
The current deadline for submission of tax returns under both universal self-assessment and general categories expires on September 30.
The government has extended the time frame considering the demands of the taxpayers, NBR Chairman Badiur Rahman told newsmen Monday.
The holy month of Ramadan, Eid vacation and floods were taken into account while taking the decision on the extension of time, he said.
He expressed the hope that the NBR was expected to receive a satisfactory response to filling of tax returns this year due to adoption of some effective measures like introduction of easier tax return form and reduction of discretionary power.
"We will make the whole procedure further easier in the next fiscal," he said.
The taxpayers' identification number (TIN) holders are about 2.1 million, but only half of them pay tax. The board is not able to identify all of them because of insufficient manpower.
The NBR chief made it clear that there will be no time extension for legalising undisclosed income with payment of 5.0 per cent penalty. The deadline will expire on September 30.
After the time frame, the board will take action against the large tax evaders as per existing law, he said.
The NBR chief said there were requests made by the big tax payers to offer the opportunity of legalising undisclosed income, but their response remained below the satisfactory level.
According to some economists, there is a large amount of undisclosed money in the non-formal economy. But, the NBR has not been receiving response matching such an assessment.
Until Monday, the board received Tk 4.92 billion tax against Tk 28.82 billion undisclosed income, declared by 18,895 individuals.
The board has sent letters to the Bangladesh Bank (BB) requesting it to open the treasury section of all scheduled banks on September 29 (Saturday).
On September 30, the board will remain open up to 4.30 pm, instead of 3.30 pm, to facilitate the undisclosed money holders to avail themselves of the opportunity until last minute.
Badiur Rahman said the NBR will get higher response this time from the taxpayers because of the offer on legalising undisclosed income, on-going tax survey that identified 50 per cent new taxpayers, extension of VAT net and revenue collection drive by VAT teams.
Until September 17, the NBR team found 42,837 new taxpayers out of 73,493 individuals surveyed across the country.
Asked whether duty exemption from imports of different essential commodities have any positive impact in the market, he said it only reflects the government's efforts to rein in prices of essentials.
The whole market mechanism and soaring commodity prices in the international market is responsible for the current price hike, he said.
The government has waived import duty from nine essential commodities. However, the tax revenue collection target for customs department is still higher followed by Value Added Tax (VAT) and income tax.