NBR expects Tk3,000 crore this year
The National Board of Revenue (NBR) organizes Income Tax Fair 2019 today at 120 different spots across the country with a target of bagging Tk3,000 crore in taxes.
“Last year we collected Tk2,459 crore in tax from the fairs, and this year we expect Tk3,000 crore,” said NBR Chairman Md Mosharraf Hossain Bhuiyan, while addressing a press conference on Tuesday.
Finance Minister AHM Mustafa Kamal is expected to inaugurate the capital’s fair at Officers Club at 1pm.
Besides, a tax award giving ceremony is scheduled to be held at Hotel Radisson Blue Water Garden in the evening.
The week-long capital’s fair will continue till November 20, while fairs at district levels will run for four days.
Besides, the NBR arranges a two-day fair at 48 upazilas and a day-long mobile fair at eight upazilas. Starting at 9am, the fairs will continue till 8pm.
Taxpayers will be able to file tax returns, pay taxes and do other related tasks at fair venues with the assistance of taxmen. Besides, one can get electronic Tax Identification Number (e-TIN) at the fairs.
Why the fair?
The NBR has been arranging the yearly tax fair since 2010 to raise awareness among people on tax payment, establish a tax- friendly culture, and gain taxpayers’ trust through providing cordial services.
Besides, the fair encourages people to pay taxes in a hassle -free environment.
The fair was an immediate success since its commencement.
Tk13,000 crore collected in 9 years
The revenue board collected Tk13,001 crore income tax in nine years from the fairs organized since 2010, according to the NBR data.
In 2010, the Board earned only Tk113 crore from the fair, which jumped to Tk2,469 crore last year.
Besides, the NBR bagged Tk414 crore in 2011, Tk831 crore in 2012, Tk1,117 crore in 2013, Tk1,675 crore in 2014, Tk2,036 crore in 2015, Tk2,130 crore in 2016, and Tk2,217 crore in 2017.
Return submission on the rise
The NBR data said that the number of tax return submission at the fairs was on the rise.
Last year, 487,573 people submitted their tax returns at fair, which was 44.33% higher than the previous year. The number of return submission was 335,487 in 2017.
In the opening year, the number of return submission was only 52,544.
272,148 new TINs opened
In the last nine years, tax fairs issued as high as 272,148 TINs, NBR data said.
In the launching year, the number of new TINs was only 5,638, which jumped to 45,437 in 2018.
The NBR said around 16.40 lakh people visited the fairs across the country last year.
The last date for individual tax returns submission for this year is November 30.