Business

Tax fair in Nov: NBR

The National Board of Revenue will organise this year's tax fair in November instead of this month, said Md Abdur Razzaque, a member of tax administration at the NBR.

The weeklong fair will start on November 1 at the under-construction headquarters of the NBR at Agargaon in Dhaka.

The deadline for filing income tax returns is November 30, which the NBR will observe as Tax Day. At the show, people get tax-related assistance as well as acknowledgement receipts for return submissions.

Since the beginning of the fair in 2010, its popularity has been rising. Last year, taxpayers' crowd at the annual event broke all past records.

The NBR logged in Tk 2,035 crore in collections in 2015, up about 21.5 percent year-on-year. Some 1.61 lakh returns were filed at the event, up from 1.49 lakh in the previous year.

The number of service recipients surged to 7.57 lakh, the highest ever.

At present, 12 lakh individuals file returns though more than 17 lakh people hold taxpayer's identification numbers.

The number of people who submit returns is less than 1 percent of the total population. Despite having taxable income, a large number of people remain out of the tax net.

To encourage people to be compliant and create a culture of paying tax, the NBR plans to honour 108 taxpayers, including companies, with tax cards.

Until last year, top 10 individual taxpayers and 10 companies were honoured with tax cards.

Now the tax collector plans to honour 57 individual taxpayers with tax cards. Of them, seven tax cards will go to fresh taxpayers to encourage youths to pay tax.

Tax cards for individuals will be given in nine categories on the basis of the sources of their income or professions.

Some 40 companies in 12 categories will get recognition. Also, 11 tax cards will be given to recognise compliance of firms, local authorities and others, the NBR said.

The tax administrator will hand over the tax cards before November 30.

This year, the deadline for submission of tax returns by individual taxpayers will not be extended, the NBR said.

The tax authority fixed November 30 as the cut-off date by bringing changes to the income tax law during the passage of this fiscal year's budget.

Taxpayers will have to pay a penalty if they fail to submit returns in time.

Comments

Tax fair in Nov: NBR

The National Board of Revenue will organise this year's tax fair in November instead of this month, said Md Abdur Razzaque, a member of tax administration at the NBR.

The weeklong fair will start on November 1 at the under-construction headquarters of the NBR at Agargaon in Dhaka.

The deadline for filing income tax returns is November 30, which the NBR will observe as Tax Day. At the show, people get tax-related assistance as well as acknowledgement receipts for return submissions.

Since the beginning of the fair in 2010, its popularity has been rising. Last year, taxpayers' crowd at the annual event broke all past records.

The NBR logged in Tk 2,035 crore in collections in 2015, up about 21.5 percent year-on-year. Some 1.61 lakh returns were filed at the event, up from 1.49 lakh in the previous year.

The number of service recipients surged to 7.57 lakh, the highest ever.

At present, 12 lakh individuals file returns though more than 17 lakh people hold taxpayer's identification numbers.

The number of people who submit returns is less than 1 percent of the total population. Despite having taxable income, a large number of people remain out of the tax net.

To encourage people to be compliant and create a culture of paying tax, the NBR plans to honour 108 taxpayers, including companies, with tax cards.

Until last year, top 10 individual taxpayers and 10 companies were honoured with tax cards.

Now the tax collector plans to honour 57 individual taxpayers with tax cards. Of them, seven tax cards will go to fresh taxpayers to encourage youths to pay tax.

Tax cards for individuals will be given in nine categories on the basis of the sources of their income or professions.

Some 40 companies in 12 categories will get recognition. Also, 11 tax cards will be given to recognise compliance of firms, local authorities and others, the NBR said.

The tax administrator will hand over the tax cards before November 30.

This year, the deadline for submission of tax returns by individual taxpayers will not be extended, the NBR said.

The tax authority fixed November 30 as the cut-off date by bringing changes to the income tax law during the passage of this fiscal year's budget.

Taxpayers will have to pay a penalty if they fail to submit returns in time.

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