Number of income tax returns likely to cross 4 million in FY24

The number of income tax returns at the individual level in the current fiscal year (FY24) is expected to cross 4 million (40 lakh), said National Board of Revenue (NBR) Chairman Abu Hena Md Rahmatul Muneem.

"The number of TIN holders in 2020 was 6 million (60 lakh) which has now increased to 12 million (1.20 crore). The number of returns submitted in 2020 was 2.1 million (21 lakh) which has reached 3.9 million (39 lakh). We hope that the number of returns at the end of this year will cross 4 million (40 lakh)," he said.

The NBR chairman was addressing a seminar titled "Bangladesh's Domestic Resource Mobilization-Imperative and a Roadmap'" organized by the Policy Research Institute (PRI) held at a city hotel on Tuesday.

He also informed that the number of BIN holders in the country now reached 500,000 (5 lakh), which was 200,000 (2 lakh) in 2020.

The NBR Chairman mentioned that it has been possible to increase the number of TINs, BINs and returns due to the simplification of the tax payment system. "This is applicable to income tax, VAT and customs. It's now possible to submit returns online while staying at home, so there is no need to go to the tax offices for receiving tax certificates. The taxpayers are not getting tax certificates while submitting their returns."

Acknowledging that the tax-to-GDP ratio is still low in the country, Muneem said, "The tax-to-GDP ratio in Bangladesh is low and I'm disappointed over it. If you see the context of Maldives and Nepal, then you can see that a large portion of their revenue comes from the tourism sector. It's possible to add more value through tourism. But, such sources of revenue is limited in our country."

Citing that the hefty borrowing trend of the government is not negative but rather positive, he said such trend helps to make the economy dynamic and increases the involvement of the private sector with the government, which eventually strengthens the economy further.

He said the NBR always provides policy support to flourish industries and businesses.

The NBR Chairman also sought support from all concerned stakeholders to augment revenue generation in the country.