NBR boasts of record rise in tax returns
Tuesday, 12 October 2010
Doulot Akter Mala
The National Board of Revenue (NBR) has attained a record 19 per cent growth in individual tax returns compared to the corresponding period last year thanks to its motivational campaign and effective monitoring.
Officials said the board has received 9,02005 tax returns, including 2,26763 time-petitions within the deadline of October 7. The board has received Tk 9.72 billion in 675242 tax returns and 226763 time-petitions.
“We consider time-petitions as confirmation of tax returns. The returns will be submitted by November as tax officials are allowed maximum 15 days to one month’s time extension,” said NBR member (income tax administration and monitoring) Basir Uddin Ahmed.
Response of the individual taxpayers posted 19 per cent growth over the corresponding period last year, he said.
“It’s a record growth. Earlier, the revenue board never exceeded 15 per cent growth in individual tax returns,” he said.
Last year, the revenue board received 7,57,964 tax returns within the deadline of November 12.
The NBR projected a total of 1.0 million tax returns and Tk 12.50 billion income tax from individual taxpayers by the end of this year.
In an analysis of individual tax returns, the revenue board has found that the number of returns almost doubled in the last five years.
A total of 5,35,994 tax returns were submitted in 2006-07 that increased to 9,02,005 in the current year.
The volume of income tax also rose by six times in the last five years from Tk 2.52 billion to 12.50 billion in 2006-2010 period.
Revenue board officials said the constant monitoring and efforts of taxmen to ensure a taxpayer friendly environment helped its income tax wing come up with outstanding performances.
In the first quarter (July-September), income tax collection surpassed its target by Tk 2.86 billion achieving 25.13 per cent growth over the same period last year.
The National Board of Revenue (NBR) has attained a record 19 per cent growth in individual tax returns compared to the corresponding period last year thanks to its motivational campaign and effective monitoring.
Officials said the board has received 9,02005 tax returns, including 2,26763 time-petitions within the deadline of October 7. The board has received Tk 9.72 billion in 675242 tax returns and 226763 time-petitions.
“We consider time-petitions as confirmation of tax returns. The returns will be submitted by November as tax officials are allowed maximum 15 days to one month’s time extension,” said NBR member (income tax administration and monitoring) Basir Uddin Ahmed.
Response of the individual taxpayers posted 19 per cent growth over the corresponding period last year, he said.
“It’s a record growth. Earlier, the revenue board never exceeded 15 per cent growth in individual tax returns,” he said.
Last year, the revenue board received 7,57,964 tax returns within the deadline of November 12.
The NBR projected a total of 1.0 million tax returns and Tk 12.50 billion income tax from individual taxpayers by the end of this year.
In an analysis of individual tax returns, the revenue board has found that the number of returns almost doubled in the last five years.
A total of 5,35,994 tax returns were submitted in 2006-07 that increased to 9,02,005 in the current year.
The volume of income tax also rose by six times in the last five years from Tk 2.52 billion to 12.50 billion in 2006-2010 period.
Revenue board officials said the constant monitoring and efforts of taxmen to ensure a taxpayer friendly environment helped its income tax wing come up with outstanding performances.
In the first quarter (July-September), income tax collection surpassed its target by Tk 2.86 billion achieving 25.13 per cent growth over the same period last year.