NBR relaxes tax return submission for bank loans

The National Board of Revenue (NBR) has relaxed the condition of showing tax return documents for bank loans up to Tk 2.0 million.

It issued a notification in this regard on Sunday with immediate effect, which will remain in force June 30, 2023, reports UNB.

The budget for the fiscal year 2022-23 made tax return document submission mandatory to get services of 38 categories. Of them, return documents were made mandatory for availing bank loans of more than Tk 0.50 million.

As per the revised directive, the NBR has relaxed the condition upon requests from business organisations and small entrepreneurs.

Bangladesh Bank has increased the ceiling of loan disbursement to the cottage, micro, small and medium entrepreneurs (CMSMEs). But loan distribution at the rural level became slow due to mandatory return documents submission for loans.