Tax return submission: NBR extends deadline to Dec 31

The National Board of Revenue (NBR) yesterday extended the deadline for submitting income tax returns to December 31 in order to enable individual taxpayers to comply with the rules.

The disclosure came on the final day for filing tax returns, also termed "Tax Day", amid demands from various quarters.

The Federation of Bangladesh Chambers of Commerce and Industry on November 29 urged the NBR for this extension, citing that many had been unable to make submissions due to difficulties arising from the recent economic downturn.

This is the third consecutive year that the NBR has granted more time to individuals to comply with the rule of submitting personal income tax-related statements.

Between July 1 and November 29 this year, the tax authorities received 22 lakh tax returns, up 46 per cent from 15.5 lakh during the same period a year ago.

Individual taxpayers paid Tk 3,042 crore as of November 29, which was 52 per cent higher from Tk 2,000 crore deposited during the same time last year.

At present, there are more than 82 lakh registered taxpayers.

The NBR expects the number of tax return submissions to increase as it has made the proof of submission compulsory for individuals seeking to get 38 services, including loans exceeding Tk 500,000 from a bank or financial institution.

The proof of submission will also be required for obtaining or renewing trade licences and transferring land, buildings or flats situated within a city corporation or municipality of a district headquarter or cantonment board above the deed value of Tk 10 lakh.

The new rule also requires submission of the proof of returns for persons who want to get or maintain a credit card and open postal savings accounts of above Tk 500,000.

It is also needed for opening bank accounts of any sort with a credit balance of Tk 10 lakh and above and for purchasing savings instruments of a value higher than Tk 500,000.