Steps taken to help restore business confidence: Mazid
Tuesday, 6 November 2007
FE Report
National Board of Revenue (NBR) Chairman Muhammad Abdul Mazid said Monday the board will take adequate steps to help restore business confidence.
He said the board has been expediting the process to solve the problems relating to frozen accounts of the business houses to facilitate operation of their businesses smoothly and payment to staffs.
"As part of restoration of confidence, the board has held a meeting with the central bank to clarify the NBR's position on deduction of tax at source from the saving instruments," Mazid said at a press briefing.
Assuring the small investors, he said neither taxpayers nor non-taxpayers will not face any hassle to get refund of the deducted tax amount above Tk 25,000 on their savings instruments.
On the deadline for submission of individual tax return, he said the board will not further extend the time beyond the November 30 deadline. After the expiry of the time the board will charge penalty for failure to submit return in due time.
"The board will try with all its efforts to collect tax from the taxpayers, who will fail to pay tax by the deadline," the NBR chief said.
Up to October 31, the NBR received tax worth Tk 5.13 billion against 301421 tax returns.
About freezing of bank accounts and investigation, he said: "Such steps were taken as a part of reform activities of the government and the NBR will make such move carefully by following proper rules and regulations."
NBR member, tax appeal and tribunal, Abdul Karim said: "Existing income tax rules permit the board to examine and freeze suspected bank accounts."
Underscoring the need for holding taxpayers identification number (TIN), Mazid said it is necessary for an individual to hold a TIN to enjoy different opportunities offered by the state.
After taking the charge late last month, the NBR chairman visited the country's tax zones.
"We have taken short-term and long term strategies to enhance tax revenue collection," he said.
Short-team measures aim to surpass the tax revenue target for the current fiscal and resolve confusions on different issues concerning the taxpayers while long-term steps will deal with research, development, dialogue and analysis as well as, workshops with all stakeholders.
"We should take decisions considering internal and external factors, which can be implemented in the field," he said.
Tax revenue collection was higher in the first three months of current fiscal compared to that of the corresponding period of last three fiscals.
In July-September 2007-08, tax revenue collection was Tk 93.01 billion against the target of Tk 90.51 billion.
The NBR has collected Tk 16.35 billion more than that of the corresponding period of previous fiscal, posting a 21.33 per cent growth.
Overall tax revenue earning increased as the board received tax worth Tk 8.03 billion from undisclosed money holders up to September, 07.
The NBR chairman said all notices and statutory regulatory orders (SROs) issued by the board will be available at the web-site of the board.
National Board of Revenue (NBR) Chairman Muhammad Abdul Mazid said Monday the board will take adequate steps to help restore business confidence.
He said the board has been expediting the process to solve the problems relating to frozen accounts of the business houses to facilitate operation of their businesses smoothly and payment to staffs.
"As part of restoration of confidence, the board has held a meeting with the central bank to clarify the NBR's position on deduction of tax at source from the saving instruments," Mazid said at a press briefing.
Assuring the small investors, he said neither taxpayers nor non-taxpayers will not face any hassle to get refund of the deducted tax amount above Tk 25,000 on their savings instruments.
On the deadline for submission of individual tax return, he said the board will not further extend the time beyond the November 30 deadline. After the expiry of the time the board will charge penalty for failure to submit return in due time.
"The board will try with all its efforts to collect tax from the taxpayers, who will fail to pay tax by the deadline," the NBR chief said.
Up to October 31, the NBR received tax worth Tk 5.13 billion against 301421 tax returns.
About freezing of bank accounts and investigation, he said: "Such steps were taken as a part of reform activities of the government and the NBR will make such move carefully by following proper rules and regulations."
NBR member, tax appeal and tribunal, Abdul Karim said: "Existing income tax rules permit the board to examine and freeze suspected bank accounts."
Underscoring the need for holding taxpayers identification number (TIN), Mazid said it is necessary for an individual to hold a TIN to enjoy different opportunities offered by the state.
After taking the charge late last month, the NBR chairman visited the country's tax zones.
"We have taken short-term and long term strategies to enhance tax revenue collection," he said.
Short-team measures aim to surpass the tax revenue target for the current fiscal and resolve confusions on different issues concerning the taxpayers while long-term steps will deal with research, development, dialogue and analysis as well as, workshops with all stakeholders.
"We should take decisions considering internal and external factors, which can be implemented in the field," he said.
Tax revenue collection was higher in the first three months of current fiscal compared to that of the corresponding period of last three fiscals.
In July-September 2007-08, tax revenue collection was Tk 93.01 billion against the target of Tk 90.51 billion.
The NBR has collected Tk 16.35 billion more than that of the corresponding period of previous fiscal, posting a 21.33 per cent growth.
Overall tax revenue earning increased as the board received tax worth Tk 8.03 billion from undisclosed money holders up to September, 07.
The NBR chairman said all notices and statutory regulatory orders (SROs) issued by the board will be available at the web-site of the board.