Loading...
The Financial Express

Mandatory submission of tax receipt

Return submission up threefold

NBR expects record tax returns this year


| Updated: October 04, 2022 18:12:12


Illustrative image Illustrative image

The submission of returns by individual taxpayers has gone up threefold this year, as the revenue board made submission of tax-return receipts mandatory while seeking services from various entities.

Tax offices across the country under the National Board of Revenue (NBR) have received 330,000 tax returns from individual taxpayers in the last three months.

The same period (01 July to 30 September 2021) last year witnessed an estimated 100,000 tax returns, according to NBR data.

A senior tax official expects record tax returns this year as the new fiscal measure has made submission of proofs of returns mandatory for availing 38 types of services from public and private entities.

"The number of tax returns may jump to 4.0 million this fiscal year from last year's 2.4 million," he said.

The NBR has long been struggling to increase the number of tax return submission through devising different strategies and legal reforms.

The number of TIN (taxpayer identification number) holders reached 7.6 million while the submission of returns remained at 2.4 million until last year.

In the current fiscal budget, the government made verification of tax return slips mandatory for service-providing entities.

From 21 August until 03 October 2022, the tax member said, an estimated 250,000 return slips have been verified by service-providing entities using a self-innovated web-based system of the NBR.

Tax consultant Md Jahangir Alam, executive director of Golden Bangladesh, said both taxpayers and tax receipts would go up this year as the NBR has compelled people to submit returns.

"Any attempt to influence or intervention by anyone will work to avail services without proof of tax return submission this fiscal year."

A large group of people, who were out of tax net, would have to submit tax returns and pay tax if they want to avail services, Mr Alam said categorically.

"It's a transitional period for both taxpayers and taxmen. People may initially find it difficult, but ultimately all have to comply with the law of the land," he added.

Until previous fiscal, people used to obtain TIN once to show it for availing services. But from now on, tax return slips have to be obtained every year.

Last year, the NBR introduced an online tax return submission module for individual taxpayers.

However, the system is suitable only for marginal taxpayers having no refund claims.

Time for submission of tax returns by individuals started on July 01. It will expire on November 30.

[email protected]

Share if you like

store