NBR basks in substantial growth in tax revenue
Tuesday, 4 December 2007
FE Report
The National Board of Revenue (NBR) has received revenues worth Tk 7.39 billion from individual taxpayers in the assessment year 2007-08, up by Tk 4.87 billion from that of the previous year.
A total of 645617 individuals filed their tax returns this year. In the last fiscal, the NBR received tax worth Tk 2.52 billion from 535,994 TIN (taxpayers' identification number) holders.
NBR chairman Muhammad Abdul Mazid disclosed this Monday at a press briefing at the board premises.
The deadline for submission of individual tax returns expired Sunday. The NBR earlier extended the return submission deadline twice.
"From today, taxpayers will have to pay tax within Tk 1000 penalty at a time and Tk 50 per day, if he/she evades tax without any logical reason," he said.
"The board will not spare those who have evaded tax wilfully," Mazid said adding that its NBR's moral duty to look for tax evaders.
The NBR has been working for ensuring taxpayer-friendly environment to encourage and build awareness for payment of tax, he said.
This year, the NBR introduced universal self-assessment method to ease procedure for filing tax return.
Mazid said the NBR has formed a three-member committee to analyse and clarify all Statutory Regulatory Orders (SROs) issued, so far, by the board and put them on the website.
"We have received higher number of individual tax returns than that of the last year. It is up by 109623 from that of previous year due to launching of different awareness programmes," he said.
Responding to a question on marginal increase in filing of tax returns despite having 2.2 million Taxpayers Identification Number (TIN) holders, Mazid said: "This year the government has received higher income tax, but the number of returns is not so high as tax ceiling has been raised up to Tk 150000 from 120000."
The NBR has received 192723 tax returns for an amount of tax Tk 1.92 billion under self-assessment while 216741 tax returns for Tk 3.74 billion from general return and 2,36153 returns for Tk 1.71 billion under universal self-assessment.
Large Taxpayers Unit (LTU) has collected Tk 2.60 billion worth of income tax from individual taxpayers.
Apart from the LTU, Dhaka Tax zone-7 collected higher income tax worth Tk 552 million followed by Dhaka tax zone-6 Tk 550 million.
Among the professional taxpayers, civil servants paid Tk 140 million followed by physicians Tk 97 million, bankers Tk 58 million and lawyers Tk 20 million.
The NBR chief explained the board's different efforts to encourage taxpayers for payment of tax through SMS, advertisements in media, help desk.
He said the government recently issued a SRO for mandatory installation of electronic cash register from July 2008 to bring transparency in Value Added Tax (VAT) collection and deposit.
The newly formed sub-committee, headed by the NBR chief, to bring reform in duty and drawback system, capital machinery import clearance process, held its first meeting Sunday.
The NBR chairman said: "We held the meeting today (Monday) to prepare recommendations on those issues and will submit them within the stipulated time frame."
The National Board of Revenue (NBR) has received revenues worth Tk 7.39 billion from individual taxpayers in the assessment year 2007-08, up by Tk 4.87 billion from that of the previous year.
A total of 645617 individuals filed their tax returns this year. In the last fiscal, the NBR received tax worth Tk 2.52 billion from 535,994 TIN (taxpayers' identification number) holders.
NBR chairman Muhammad Abdul Mazid disclosed this Monday at a press briefing at the board premises.
The deadline for submission of individual tax returns expired Sunday. The NBR earlier extended the return submission deadline twice.
"From today, taxpayers will have to pay tax within Tk 1000 penalty at a time and Tk 50 per day, if he/she evades tax without any logical reason," he said.
"The board will not spare those who have evaded tax wilfully," Mazid said adding that its NBR's moral duty to look for tax evaders.
The NBR has been working for ensuring taxpayer-friendly environment to encourage and build awareness for payment of tax, he said.
This year, the NBR introduced universal self-assessment method to ease procedure for filing tax return.
Mazid said the NBR has formed a three-member committee to analyse and clarify all Statutory Regulatory Orders (SROs) issued, so far, by the board and put them on the website.
"We have received higher number of individual tax returns than that of the last year. It is up by 109623 from that of previous year due to launching of different awareness programmes," he said.
Responding to a question on marginal increase in filing of tax returns despite having 2.2 million Taxpayers Identification Number (TIN) holders, Mazid said: "This year the government has received higher income tax, but the number of returns is not so high as tax ceiling has been raised up to Tk 150000 from 120000."
The NBR has received 192723 tax returns for an amount of tax Tk 1.92 billion under self-assessment while 216741 tax returns for Tk 3.74 billion from general return and 2,36153 returns for Tk 1.71 billion under universal self-assessment.
Large Taxpayers Unit (LTU) has collected Tk 2.60 billion worth of income tax from individual taxpayers.
Apart from the LTU, Dhaka Tax zone-7 collected higher income tax worth Tk 552 million followed by Dhaka tax zone-6 Tk 550 million.
Among the professional taxpayers, civil servants paid Tk 140 million followed by physicians Tk 97 million, bankers Tk 58 million and lawyers Tk 20 million.
The NBR chief explained the board's different efforts to encourage taxpayers for payment of tax through SMS, advertisements in media, help desk.
He said the government recently issued a SRO for mandatory installation of electronic cash register from July 2008 to bring transparency in Value Added Tax (VAT) collection and deposit.
The newly formed sub-committee, headed by the NBR chief, to bring reform in duty and drawback system, capital machinery import clearance process, held its first meeting Sunday.
The NBR chairman said: "We held the meeting today (Monday) to prepare recommendations on those issues and will submit them within the stipulated time frame."