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Income Tax Fair to kick off November 1

  • Published at 12:13 am October 25th, 2017
Income Tax Fair to kick off November 1
The weeklong Income Tax Fair is set to begin in Dhaka and seven other divisional cities across the country on November 1. In Dhaka, the National Board of Revenue (NBR) is scheduled to organise the fair at its own under-construction building in city's Agargaon area. The fair will remain open from 10am to 5pm every day. The Income Tax Fair at the district level will be held on any four days in the first week of November while a two-day-long fair will take place in 32 selected upazilas. A day-long fair will be organised in 71 other upazilas on mobile vans. The NBR fetched Tk2,129.67 crore from the weeklong Income Tax Fair last year. According to the NBR, some 928,973 people availed various services from the tax fair last year. Of them, 19,498 submitted their income tax returns at the fair. A total of 36,853 people received new tax identification numbers (TIN) during the fair. The NBR will also observe November 30, the last day for the submission of income tax returns, as the National Income Tax Day. Instead of the eight-page form, the taxpayers from this year will fill in a three-page form in the new format for submitting their returns. Of the three pages, the first page is for the personal information of the taxpayer while the second page is for mentioning the source of income. The third page is for scrutiny purpose. Those who earn less than Tk20 lakh per annum will not have to submit their wealth statements. According to the NBR sources, interest will be imposed on the income tax returns that will be submitted after the November-30 deadline. "This system was introduced in the last fiscal year. The taxpayers who will seek additional time will have to pay the interest as per the newly inducted 73A rule of the Income Tax Ordinance," an NBR official said. As per the rule, the taxpayers have to pay 2% interest on his income tax for each month after the deadline. A taxpayer may submit delayed income tax returns with due interests for one year. Currently, the tax-GDP ratio in Bangladesh is just over 10% which is more than 15% in the neighbouring countries. The revenue target for the NBR for the current fiscal year (2017-18) was set at Tk248,190 crore. Of the total revenue target, Tk91,344 crore will be generated from VAT, Tk86,867 crore from income tax and corporate tax, Tk30,153 crore from import and export duty and Tk38,212 crore from supplementary duty.