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Tax returns may rise by 0.5m as deadline ends

FE Report | Published: December 02, 2019 10:39:45


Picture used for representational purpose - Collected

The deadline for submission of tax returns by individual taxpayers for the fiscal year (FY) 2019-20 expired on Sunday amid a heavy such of them at tax offices.

Tax officials expect that the number of tax returns will grow by 20 to 25 per cent this year.

Last year, submission of income tax returns saw14 per cent growth by the deadline then.

The number of tax returns, submitted by the individual taxpayers, was 2.1 million involving Tk 52.48 billion in taxes including time petitions by the deadline last year. Later, the number of tax returns increased to 2.2 million until June 30, 2019.

The National Board of Revenue (NBR) received tax returns at its tax offices across the country until 8.00pm Sunday at the request of the taxpayers and their lawyers.

A senior member of the NBR said the number of tax returns might rise by 0.5 million in the current fiscal year.

"The NBR has found new taxpayers through conducting surveys and building awareness through countrywide tax fairs. We expect that they have submitted tax returns by the deadline," he said.

The NBR received a record amount of Tk 26.13 billion in revenue and 655,000 income tax returns from the week-long countrywide tax fair that concluded on November 20, 2019.

He said taxpayers who would submit time petitions to the Deputy Commissioner of Taxes (DCTs) seeking additional time would be able to submit tax returns under the universal self assessment method even after expiry of the deadline.

However, a penal tax at a rate of 2.0 per cent will be applicable to the taxpayers who have submitted applications to the DCTs seeking more time.

Taxpayers who have missed the deadline and not submitted time petitions also have to pay 2.0 per cent penal tax in addition to their payable taxes.

The deadline for income tax return submission by individual taxpayers is November 30 as per income tax law. It is known as Income Tax Day.

However, the NBR allowed taxpayers to submit their tax returns until December 1, 2019 as November 30 was a public holiday.

doulot_akter@yahoo.com

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