NBR decides to find out reasons
Tuesday, 4 December 2007
Shakhawat Hossain
The national board of revenue (NBR) will conduct a study to find out the reasons for submission of less than expected number of returns by individual taxpayers this year.
"A study is a must to know the reasons," NBR chairman Abdul Majed told the FE.
The submission of returns for the 2007-08 assessment year ended Sunday last with less than one-third of the country's total taxpayers' base of 2.0 million submitted their tax returns under the newly introduced universal self assessment.
The study, according to the NBR chairman, is imperative to identify factors that are hindering the revenue generation and also to fix the next course of remedial actions.
The income tax department of the NBR had earlier expected substantial rise in the submission of returns this year due to the awareness campaigns launched by it and the ongoing anti-corruption drive, said a senior official.
Besides, deadline for the submission of returns was extended twice.
But the main aim of the income tax department, according to the official, was to increase the number of individual taxpayers submitting returns and expand the existing tax base.
The growth of the returns submitted within the deadline this year is 15 per cent over that of the last year.
The NBR received nearly 0.55 million returns within the deadline last year. But some 0.2 million returns were submitted later on, he added.
The NBR conducts study every year focusing on different areas of tax administration.
The country's donor agencies and development partners have long been pressing for the expansion of the tax base to help improve revenue generation.
The national board of revenue (NBR) will conduct a study to find out the reasons for submission of less than expected number of returns by individual taxpayers this year.
"A study is a must to know the reasons," NBR chairman Abdul Majed told the FE.
The submission of returns for the 2007-08 assessment year ended Sunday last with less than one-third of the country's total taxpayers' base of 2.0 million submitted their tax returns under the newly introduced universal self assessment.
The study, according to the NBR chairman, is imperative to identify factors that are hindering the revenue generation and also to fix the next course of remedial actions.
The income tax department of the NBR had earlier expected substantial rise in the submission of returns this year due to the awareness campaigns launched by it and the ongoing anti-corruption drive, said a senior official.
Besides, deadline for the submission of returns was extended twice.
But the main aim of the income tax department, according to the official, was to increase the number of individual taxpayers submitting returns and expand the existing tax base.
The growth of the returns submitted within the deadline this year is 15 per cent over that of the last year.
The NBR received nearly 0.55 million returns within the deadline last year. But some 0.2 million returns were submitted later on, he added.
The NBR conducts study every year focusing on different areas of tax administration.
The country's donor agencies and development partners have long been pressing for the expansion of the tax base to help improve revenue generation.