The last date for the submission of income tax returns is November 30
A weeklong income tax and motivation fair will begin across Bangladesh from November 14.
The National Board of Revenue (NBR) is organizing the fair at the Officers' Club in Dhaka, aiming to provide one-stop tax-related services to the taxpayers and a hassle-free environment to submit their tax returns.
The last date for the submission of income tax returns for individual taxpayers in Dhaka has been fixed on November 30, reports UNB.
According to the NBR, the fair will be held in divisional headquarters till November 20, in all the district towns for four days while for two days in 45 upazilas.
At the upazila level, the fair will held at 57 growth centres for one day.
The NBR organized the tax fair in 32 upazilas for two days last year.
Unlike the previous years, taxpayers will be able to file tax returns and do other related tasks at the fair. Tax officials will extend necessary support in this regard, tax officials said.
New taxpayers can collect electronic Tax Identification Number (e-TIN) at the fair while other taxpayers can collect e-TIN through re-registration.
Tax officials said there would be dedicated booths at the fairs for e-payment as well as for freedom fighters, women, people with disabilities and senior citizens.
Last year, the NBR collected Tk2,468 crore at the weeklong fair, which was Tk113 crore in 2010, the maiden year of the fair.
The number of tax returns submitted at the fair was 487,000 in 2018, whereas it was 52,544 in 2010, according to the NBR.
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Since its inception, the income tax fair is gaining popularity as it gives an opportunity to people to submit income tax returns at the quickest possible time without the hassle of visiting tax offices, said an NBR senior official.
"The growing number of taxpayers and income tax-related service-takers show that people are always interested in paying taxes, given a conducive atmosphere," he said.
He said the chance to extend the time to submit the income tax returns through any executive order has been restricted through the national budget.
"So, we request all to submit their income tax returns within the timeframe to avoid fine,” the officials said.
To remove hassles in paying taxes, the NBR has simplified the income-tax return form, aiming to get a better response from taxpayers as well as to bag more revenues.
Instead of the old eight-page form, the taxpayers from this year will fill up a three-page form. Of the three pages, the first page contains personal information, while the second page will be used for the source of income and the third page gives the scope for scrutiny.
According to sources at the NBR, interest will be imposed on the income tax returns that will be submitted after November 30.
“The taxpayers who seek extra time will have to give the interest as per 73A rules of the Income Tax Ordinance,” the NBR official said adding as per the rules, the taxpayers have to give 2% interest on his income tax per month.
Currently, the tax-GDP ratio in Bangladesh is just over 10%, which is more than 15% in neighbouring countries.
"NBR is now a self-reliant organization and steps have been taken to make it a pro-taxpayer one," the NBR official said.
The total revenue collection for the current 2019-20 fiscal has been estimated to be Tk377,810 crore where the NBR will contribute Tk325,660 crore. Tax revenue from the non-NBR sources have been estimated at Tk14,500 crore. Besides, non-tax revenue is estimated at Tk37710 crore, he added.
Of the grand amount for the NBR, Tk113,912 crore will come from income, profit and capital tax, while Tk123,067 crore will be contributed by VAT.
Besides, Tk48153 crore will come supplementary tax while Tk36,498 crore from import duty, Tk54 crore from export duty, Tk2,239 crore from the excise duty and Tk1,677 crore from other taxes.