NBR upset as less than 1.5m submit tax returns so far
Monday, 27 October 2008
FE Report
NBR's hopes to see a rush of taxpayers at the end of the tax return submission deadline were dashed, as less than 1.5 million people have submitted their tax returns so far with just five days left.
Time for submitting individuals' tax returns and formalising their lawfully-earned undisclosed income will expire on October 31, but response from the taxpayers is not satisfactory until now, said a tax official. Usually, the tax return submission rate doubles in last ten days, but the situation is still not satisfactory until now, he said.
Until October 15, nearly 92,000 people paid tax worth 4.20 billion, while 1,850 persons and companies formalised their incomes accounting for Tk 1.50 billion. Poor response from the taxpayers forced the revenue board to re-think about extension of the timeframe further.
Officials said the National Board of Revenue (NBR) might consider extension of tax return submission deadline further for one month. But, there is less possibility of extension of timeframe for formalising undisclosed income.
The country's apex chamber also requested the board to extend the tax return submission time until November 30.
Different tax offices and the NBR have also received requests to extend the time further for submitting normal tax returns of people due to long government holidays on the occasion of the Eid-ul-Fitr and the Durga Puja celebrated recently.
In the backdrop, the NBR Sunday sought permission of the finance adviser to extend the tax return submission time further for a month. But the adviser seems to be very strict on extension, as there is no specific reason like natural disaster for poor return submission, sources concerned said.
The NBR chief also sat in a meeting with the tax commissioners of all tax zones in the city to review the latest situation of tax return filing, where he sought their opinions regarding timeframe extension.
Talking to the FE, NBR chairman Muhammad Abdul Mazid said: "We have set October 31 as the deadline. Still we are in the previous position regarding the last date of tax return submission." He declined to say anything regarding its further extension.
Tax officials said they are expecting 5.5 million more tax returns until Oct 31. In the last fiscal, the NBR collected Tk 7.39 billion tax from 0.64 million individual taxpayers.
NBR's hopes to see a rush of taxpayers at the end of the tax return submission deadline were dashed, as less than 1.5 million people have submitted their tax returns so far with just five days left.
Time for submitting individuals' tax returns and formalising their lawfully-earned undisclosed income will expire on October 31, but response from the taxpayers is not satisfactory until now, said a tax official. Usually, the tax return submission rate doubles in last ten days, but the situation is still not satisfactory until now, he said.
Until October 15, nearly 92,000 people paid tax worth 4.20 billion, while 1,850 persons and companies formalised their incomes accounting for Tk 1.50 billion. Poor response from the taxpayers forced the revenue board to re-think about extension of the timeframe further.
Officials said the National Board of Revenue (NBR) might consider extension of tax return submission deadline further for one month. But, there is less possibility of extension of timeframe for formalising undisclosed income.
The country's apex chamber also requested the board to extend the tax return submission time until November 30.
Different tax offices and the NBR have also received requests to extend the time further for submitting normal tax returns of people due to long government holidays on the occasion of the Eid-ul-Fitr and the Durga Puja celebrated recently.
In the backdrop, the NBR Sunday sought permission of the finance adviser to extend the tax return submission time further for a month. But the adviser seems to be very strict on extension, as there is no specific reason like natural disaster for poor return submission, sources concerned said.
The NBR chief also sat in a meeting with the tax commissioners of all tax zones in the city to review the latest situation of tax return filing, where he sought their opinions regarding timeframe extension.
Talking to the FE, NBR chairman Muhammad Abdul Mazid said: "We have set October 31 as the deadline. Still we are in the previous position regarding the last date of tax return submission." He declined to say anything regarding its further extension.
Tax officials said they are expecting 5.5 million more tax returns until Oct 31. In the last fiscal, the NBR collected Tk 7.39 billion tax from 0.64 million individual taxpayers.