NBR may get 30pc higher tax from individual taxpayers
Thursday, 12 November 2009
Doulot Akter Mala
The National Board of Revenue (NBR) is expected to receive higher tax from the individual taxpayers this year as both the volume of tax collection and number of tax returns submitted has crossed the previous year's level until Wednesday, the penultimate day.
Time for submission of individual income tax return will expire today (Thursday).
The NBR has received 0.65 million income tax returns until Wednesday. Income tax officials expect another 0.1 million tax returns will be filed on the last day.
Last year, the revenue board had received 0.64 million tax returns worth Tk 7.39 billion.
"The board is yet to compile the final data of tax collection until Wednesday, but we can say it confidently that the final tax collection will be 30 per cent higher than last year following the trend of income tax payment through pay orders," said a top revenue board official.
Strict monitoring of the income tax offices forced people to reveal actual incomes without concealing, he said.
The board expects to receive 10 per cent higher tax returns from the individual taxpayers in the current fiscal as the government has netted a number of new taxpayers through external and internal surveys, the official said.
"Usually, income taxpayers rush in the tax offices on the last day. We hope the trend will be same this year," said a tax official.
On the last day, the tax offices will receive tax
returns from all who will be in the queue, he said.
A number of taxpayers also file application seeking more time citing specific reason, he said.
Deputy tax commissioner of different tax zones can extend time from three to six month if any taxpayer submits application with valid ground before expiry of deadline.
There is a law to impose penalty of Tk 1000 at a time and Tk 50 per day for those who will fail to submit tax returns within deadline.
The NBR has extended time twice in line with requests from cross section of people.
Actual deadline for tax return submission was September 30, that was extended to November 1 and later to November 12.
The National Board of Revenue (NBR) is expected to receive higher tax from the individual taxpayers this year as both the volume of tax collection and number of tax returns submitted has crossed the previous year's level until Wednesday, the penultimate day.
Time for submission of individual income tax return will expire today (Thursday).
The NBR has received 0.65 million income tax returns until Wednesday. Income tax officials expect another 0.1 million tax returns will be filed on the last day.
Last year, the revenue board had received 0.64 million tax returns worth Tk 7.39 billion.
"The board is yet to compile the final data of tax collection until Wednesday, but we can say it confidently that the final tax collection will be 30 per cent higher than last year following the trend of income tax payment through pay orders," said a top revenue board official.
Strict monitoring of the income tax offices forced people to reveal actual incomes without concealing, he said.
The board expects to receive 10 per cent higher tax returns from the individual taxpayers in the current fiscal as the government has netted a number of new taxpayers through external and internal surveys, the official said.
"Usually, income taxpayers rush in the tax offices on the last day. We hope the trend will be same this year," said a tax official.
On the last day, the tax offices will receive tax
returns from all who will be in the queue, he said.
A number of taxpayers also file application seeking more time citing specific reason, he said.
Deputy tax commissioner of different tax zones can extend time from three to six month if any taxpayer submits application with valid ground before expiry of deadline.
There is a law to impose penalty of Tk 1000 at a time and Tk 50 per day for those who will fail to submit tax returns within deadline.
The NBR has extended time twice in line with requests from cross section of people.
Actual deadline for tax return submission was September 30, that was extended to November 1 and later to November 12.