IT returns falls far short of target

NBR Chairman says at a seminar

Published : 02 Dec 2023 04:37 PM | Updated : 02 Dec 2023 04:37 PM

National Board of Revenue (NBR) Chairman Abu Hena Md Rahmatul Muneem said that around one crore income tax returns should have to be submitted in the current tax year (FY24) whereas some 35 lakh returns are submitted usually.

 The NBR Chairman said this while addressing a seminar titled "New Income Tax Act and Paying Tax: Changed perspective" marking the Income Tax Day-2023 held at the NBR Building in the capital's Agargaon area on Thursday.

Attorney General AM Amin Uddin spoke at the seminar as the chief guest.

 The number of submissions of income tax returns in the last year totaled 36 lakh whereas the number of income tax returns till November 27 this year crossed only 19 lakh.

Earlier yesterday, the NBR extended the timeframe for submitting returns by individual taxpayers by two months. 

Noting that the new Income Tax Act has some faults, Muneem said, "It's not possible to pay attention to all aspects. We've tried a lot, but still there are some faults. But, efforts are on to rectify those." While presenting the key-note paper, NBR member (tax policy) Shams Uddin Ahmed said that as per the latest labour force survey carried out by the Bangladesh Bureau of Statistics (BBS), the possible number of people paying taxes should be 70 lakh whereas some 35 lakh people are now paying taxes.

 He opined that in order to mobilize more revenue collection, there is a need to simplify further the tax collection method as well as building a culture of paying tax.

 Attorney General AM Amin Uddin said that tax officials should create trust and confidence among the common people through their good behavior. 

The slogan of the Income Tax Day this year is "Kor Dibo Gorbo Desh, Smart Hobe Bangladesh".