NBR expects Tk 3,000cr from tax fair | The Daily Star
12:00 AM, November 13, 2019 / LAST MODIFIED: 12:14 AM, November 13, 2019

NBR expects Tk 3,000cr from tax fair

The countrywide weeklong event begins tomorrow

The annual tax fair begins in all divisional headquarters tomorrow to help taxpayers submit returns and complete related formalities without any hassle.

In the capital, the weeklong fair will take place at the Officers’ Club.

The NBR will simultaneously organise the show for four days in all district towns and for two days in 48 upazilas and one day in eight upazilas between November 14 and November 20.

“We request taxpayers to submit tax returns and pay tax at the fair,” NBR Chairman Md Mosharraf Hossain Bhuiyan said at a press conference at his office.

“Instruction has been given to field officers so that anyone can furnish tax returns at tax offices without any hassle.”

The fair will remain open even on weekends. The deadline for submission of returns is November 30.

At the fair, taxpayers will be able to pay tax through mobile financial services also.

This year will mark the 10th year for the tax fair, which is being organised to raise awareness on the necessity of paying tax for national development and encourage more people to start the practice in a country where the tax-to-GDP ratio is one of the lowest globally.

Since its inception in 2010, the tax fair has gained popularity as it gives an opportunity to people to submit income tax returns within a short time and without visiting any tax offices.

Last year, the fair fetched a record Tk 2,468 crore for the NBR, up 11 percent year-on-year. The collection grew 21 folds from Tk 113 crore in 2010. The number of tax returns submitted at the event rose nine times to 4.87 lakh in 2018 from 52,544 in 2010, according to the NBR. 

Bhuiyan expects that the gathering of taxpayers would continue to swell and enable the tax collector to generate Tk 3,000 crore from the show this year.  The number of tax return submission will increase to nearly 30 lakh at the end of the current fiscal year, from nearly 22 lakh the previous year. 

The government has a target to raise the number of tax returns submission to one crore by 2021.

Bhuiyan said the tax administration has initiated a survey to identify people with taxable incomes, and more than 6 lakh taxpayers have been registered and they were given taxpayers identification number.

“Our teams are requesting them politely to submit returns. There is nothing to worry,” he said, citing that some elected representatives phoned him to inform that the survey has created some sort of fear in their areas.

In order to increase tax compliance and curb evasion, the revenue board plans to make it compulsory for businesses to prepare books of accounts by reputed chartered accounting firms.

While replying to a question on freezing bank accounts and searching of bank account information of former top leaders of the Jubo league, the youth wing of ruling Awami League, Bhuiyan said the NBR has got information in some accounts. 

“This is inspiring for us as there is tax potential,” he said.

 

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