National Board of Revenue
Filing of tax returns: November declared as service month
The National Board of Revenue (NBR) has announced November as the tax service month in a bid to facilitate the submission of tax returns for the year 2022-23.
Each of the income tax zones will provide services to taxpayers from November 1 to 30.
NBR Chairman Abu Hena Md Rahmatul Muneem made the announcement at a media briefing at the NBR office in Segunbagicha on Tuesday (November 01, 2022).
Read more: How to file your Tax Returns in Bangladesh
He said thirty-one tax zones with a total of 649 tax circles will receive income tax returns of their respective taxpayers until November 30 in a festive environment as part of the tax service month.
The website of each tax zone will contain various income tax-related forms, circulars, return filing guidelines, video tutorials, and other necessary information to help the taxpayers.
Under the management of Tax Zone-4, Dhaka, by setting up return acceptance booths and help desks at Bangladesh Secretariat and Officers Club Dhaka from November 1-14. The tax information will provide the same for five days on November 20-24 at the Planning Commission.
Read more: Tax return document not needed for loans up to Tk 20 lakh: NBR
For the Armed Forces, the tax zone would facilitate tax return submission and tax information services at Sena Malancha of Dhaka Cantonment on November 9-10.
An online income tax return filing system is also effective. Taxpayers can register in the system, can prepare returns, and submit. Taxpayers can file returns online by taking advice about e-return through hotline number 09612717171, said NBR.
New taxpayers can register, and existing taxpayers can re-register subject to providing the necessary information at the registration booth.
Read More: NBR counting losses for rampant tax evasion
Implementation of the e-TDS system is ongoing in all taxing jurisdictional authorities at the source. Taxpayers will be given Income Tax Returns, TIN applications, and Challan forms.
Taxpayers in Bangladesh can pay income tax online through e-payment.
In the last fiscal year, only 27 percent of taxpayers filed their yearly tax returns within the deadline of 30 November, which was extended by another month by the NBR.
Read More: Dhaka North residents can get 10% rebate on holding tax, arrears
According to NBR data, it received Tk2456 crore income tax from tax returns of 18.55 lakh individuals, which is over 6 percent year-on-year rise from last year's 17.48 lakh.
Tax return document not needed for loans up to Tk 20 lakh: NBR
The National Board of Revenue (NBR) has omitted the requirement of tax return documents for bank loans up to Tk 20 lakh.
The revenue board issued a notification in this regard today with immediate effect, which will be continued till June 30, 2023.
The budget for the fiscal year 2022-23 made it mandatory to show tax return documents to get services under 38 categories. Of them, tax return documents were made mandatory for bank loans of over Tk 5 lakh.
Read: NBR dreams to cross revenue Tk3.0 lakh crore in FY 22
As per the revised directive, NBR has relaxed conditions, after requests from business organizations, as small entrepreneurs were facing difficulties in showing tax-related documents.
Bangladesh Bank has increased the ceiling of loan disbursement to cottage, micro, small and medium entrepreneurs (CMSMEs). But loan distribution at the rural level became slow due to mandatory tax return documents for loans.
Considering the situation, the revenue board omitted requirement of showing tax return document for loan of up to Tk 20 lakh if the borrower has no taxable income.
Read: Income Tax Wing of NBR racing to meet target in last 4 months of fiscal
NBR supports Made in Bangladesh brand: Chairman
The National Board of Revenue is supporting growth of local industries to promote economic development and create more jobs, said its chairman Abu Hena Md Rahmatul Muneem on Sunday.
He was speaking at a press conference at the NBR Bhaban, to highlight the contribution of the revenue board to the national development.
Through policy measures and tax incentives, NBR is encouraging ‘Made in Bangladesh’ along with the expansion of domestic industries and employment, he said.
This will be continued even if some particular sectors are getting 10 years tax holiday facility, he said.
Also read: NBR dreams to cross revenue Tk3.0 lakh crore in FY 22
Now, the revenue board earns 33 per cent of revenue from income tax, 38 per cent from Value Added Tax (VAT), and 28 per cent from import duty excise duty.
“We are planning to extent tax net and VAT collection areas along with monitoring its submission to the treasury,” Muneem said.
The NBR is achieveing 7 per cent growth in revenue collection. The country’s GDP size has become Tk4,449,919 crore in FY2022-23, a rise by 556 per cent compared to Tk 797,538 crore in FY2009-10, he said.
The NBR Chairman said that NBR achieved satisfactory growth in the revenue collection in FY 22, with collection of Tk3.16 lakh crore.
Also read: NBR to install 10,000 EFD to prevent VAT evasion
In FY-11 (2010-11) the NBR’s revenue collection was Tk79403 crore which now stands at Tk 3.16 lakh crore. This jump in revenue earning contributed to implementing the annual development program (ADP). At the same time it helped cut dependency on foreign loans, Muneem said.
At present, NBR is supporting 85 per cent of the budget from internal resources. Both the ADP size and foreign dependency on ADP implementation came down over the years as the impact of people's contribution to revenue, he said.
In FY2010-11 the size of ADP was Tk35,880 crore which now climbed to Tk 217175 crore in FY 2021-22. Similarly, the contribution of revenue increased in ADP implementation and the ratio of foreign loans in the ADP implementation decreased, the NBR chief said.
NBR members and senior revenue officials were present at the press conference.
NBR dreams to cross revenue Tk3.0 lakh crore in FY 22
The revenue collection of National Board of Revenue (NBR) has increased by 14 per cent to Tk 2.96 lakh crore in the fiscal year ending June 30, according to official data.
The earning is close to the NBR’s dream target of collecting Tk 3 lakh crore in a fiscal year.
The increase is attributed to growth in the volume of both export and import of the country.
Though the revenue generation increased by 14 per cent in FY 22, NBR missed to reach the fiscal target of Tk3.30 lakh crore. But the NBR collected revenue of Tk 36,000 crore more than the previous FY 21.
Also Read: NBR to install 10000 EFD to prevent VAT evasion
In FY 21, the NBR collected revenue around Tk2.60 lakh crore from income tax, Value added Tax (VAT) and customs duty against the revised target of Tk 3.1 lakh crore.
The Customs House, Chattogram has collected Tk 59,256 crore, which is the highest while another large Customs House in Benapole collected Tk 4,599 crore in the just-gone fiscal year.
The highest VAT has been collected by the Large Taxpayer Unit (LTU). The LTU unit has collected Tk 50,000 crore and LTU (income tax) department collected around Tk 25,000 crore.
The NBR officials said, businesses will submit VAT returns by July 15 around Tk 20,00 crore to 2500 crore.
Besides, the NBR hopes to realize VAT of several thousand crore which remains unrealized at some state-owned entities.
The revenue officials are expecting that the revenue collection will cross Tk 3.0 lakh crore in FY 22, if a portion of VAT is realized from the state-owned entities.
Customs houses to remain open during Eid holidays
The National Board of Revenue has decided to keep the customs houses open on limited scale from April 29 to May 4 (except Eid day).
Also read: BGMEA calls for more train services to ease garment workers’ Eid travel
A notification issued in this regard on Wednesday said in order to keep the country's import-export activities dynamic and to ensure a trade-friendly environment, the activities at the custom houses will remain open for limited period during the Eid-ul-Fitr holidays as well as on public and weekly holidays.
Customs hotline starts test operation for ASYCUDA related service
The National Board of Revenue (NBR) has started the test operation of a hotline to provide services related to ASYCUDA World Systems for customs.
The hotline number is 16134. The traders will get this service from May 15, 2022, NBR director (public relations) Syed A Mumen confirmed to UNB on Saturday evening.
The Automated System for Customs Data (ASYCUDA) is a computerized system designed by the United Nations Conference on Trade and Development (UNCTAD) in Geneva to administer a country's customs.
Read: NBR may miss revenue target Tk 3.30 trillion this year too
The service recipients will get any service related to customs calling that hotline number. The hotline will be open every working day from 9 am to 5 pm. The regular call charges will be applicable for getting services on the hotline.
Mumen said that through the hotline, the service recipients will be able to know about the existing customs related laws and regulations in the country, including customs related services, necessary information and advice.
According to NBR, ASYCUDA World Systems is used to facilitate the import-export process and reduce the risk and generate revenue in the shortest possible time. At present, six customs houses affiliated to the NBR, 26 customs stations, 20 off-docks and EPZs are operating through the ASYCUDA World Systems.
Read: NBR works for win-win tax in upcoming budget: Finance Minister
Officials working in customs offices, port authorities, Bangladesh Bank, Sonali Bank, Bangladesh Biman, Shipping Agent, C&F Agent, Freight Forwarders, Feeder Operators and various commercial and non-governmental organizations including all commercial banks are using this system.
Income tax return submission deadline extended to December 31
The National Board of Revenue (NBR) has extended the deadline for income tax return submission until December 31.
NBR’s Public Relations Officer M A Momen confirmed the matter to UNB on Tuesday.
Read: People’s interest in paying tax is growing in Bangladesh: Finance Minister
Earlier, the NBR said that the deadline would not be extended this year but later changed the decision considering the Covid-19 situation so that more taxpayers could submit their returns.
NBR to award 9 companies for paying highest VAT
The National Board of Revenue (NBR) will honour 9 firms on the National VAT Day for paying highest amount of Value Added Tax (VAT). The VAT department of the National Board of Revenue (NBR) on Wednesday released a list of awardees. Earlier the Economic Relations Division (ERD) published a gazette notification in this regard.
Read:NBR to organize month-long tax support service from Nov 1 December 10 is celebrated as the National VAT Day every year. The NBR will honour the highest tax payers of the fiscal year 2019-20 on this day. Nine firms under three categories- production, business and service- will receive the awards at a ceremony in Dhaka. The list of awardees includes Aristopharma Limited, Square Toiletries Limited and Maya Bidi Factory under the production category, SM Motors, AMCO Bajaj International and Union Motors Limited under business category and IDTCO Bangladesh Co. Ltd. Gray Advertising Ltd. and Robert Boss (Bangladesh) Ltd under service category. The VAT department of the National Board of Revenue has been regularly honoring the top VAT payers for several years.
Read: NBR directs big push to reach the revenue target for current fiscal Business establishments which have Electronic Business Identification Number (EBIN), issue regular VAT receipts to the consumers and regularly deposit the collected VAT money in the government treasury are considered eligible for the award. NBR will also honour 102 companies in the three categories as the top VAT payers at the district level.
You can submit tax online; app launched
Taxpayers now can pay income tax returns as well as assess their assets through an online web application -- digiTax.
Desh Universal launched the web application to simplify the submission of income tax returns.
Md Alamgir Hossain, member (tax policy) of the National Board of Revenue (NBR), inaugurated digiTax at a ceremony held at the auditorium of Economic Reporters’ Forum (ERF) on Saturday.
Alamgir Hossain said a huge interest has developed now among people to pay income tax as the number of taxpayers is now growing day by day.
Read: NBR moves to speed up revenue collection
Alamgir said digiTax would help simplify further the stride towards digitizing tax-related services.
Apart from allowing the submission of returns online, he said, the NBR would observe Income Tax Month from November 1 for which an 'environment of fair’ is being created at tax zones so that the taxpayers can submit their returns with ease and comfort.
President of Institute of Chartered Accountants of Bangladesh (ICAB) Mahmudul Hasan Khusru, Dhaka Taxes Bar Association President AKM Azizur Rahman, Bangladesh Cricket Board (BCB) Director Khaled Mahmud Sujon, digiTax director Golam Shahriyer Ronju and ERF general secretary SM Rashidul Islam were, among others, present on the occasion.
Read: NBR faces uphill task in achieving VAT collection target
Highlighting the main features of digiTax, its team member Syeda Nusrat Haider said there are many taxpayers of different levels in the country who do not know how to calculate income tax properly.
“In order to resolve this problem, we’ve come up with a new system through which the users can prepare their returns with ease and comfort through giving inputs as per their requirements,” she said.
NBR directs big push to reach the revenue target for current fiscal
The National Board of Revenue has asked its offices to intensify their drive to attain this fiscal year’s revenue collection target overcoming the Covid-19 pandemic so the tax-GDP ratio improves to double-digit.
It also asked customs and taxes appellate tribunals to clear the pending cases in due time.
These directives have been given recently at a coordination meeting of the finance ministry’s Internal Resources Division (IRD).
Read BGMEA seeks customs, VAT, income tax-related support from NBR
Speaking at the meeting NBR chairman and IRD secretary Abu Hena Md. Rahmatul Muneem asked all NBR officials to remain sincere and active to achieve the revenue collection set at Tk 330,078 crore during fiscal 2021-22.
He asked the NBR members, customs commissioners and tax commissioners to intensify proper monitoring system.
The NBR chairman directed the research and statistics division director general to submit updated revenue collection information in every month’s coordination meeting.
Also read: NBR faces uphill task in achieving VAT collection target
Of the total target the VAT wing will contribute the lion share with Tk 127,745 crore which is 11 percent higher than the revised target of the last fiscal. Last fiscal the target was Tk 125, 163 crore.
The target for Income Tax and Tax on Profit has been set Tk 104, 952 crore where it was Tk 103, 945 in the last fiscal.
The revenue collection from import duty will be Tk 37, 907 crore, Tk 54,465 crore from from Supplementary Duty, Tk 56 from export duty, Tk 3825 from Excise Duty while Tk 1050 crore from other taxes and duties.
Read NBR to prioritize local industries in 2021-22 budget, says its chairman
In the last fiscal (2020-21) the revised revenue target was Tk 301,000 crore while it was set Tk 330,000 in the main budget.
But the NBR could not attain the revised target mainly due to the ongoing pandemic that saw the government to impose lockdowns affecting the economy.
According to the available data the revenue collection in 2020-21 fiscal was Tk 41,000 crore less than the revised target while Tk 70,000 from the original target.
Read NBR looking to procure non-intrusive inspection systems for export-import items
The collection was Tk 259,900 crore although the growth was 19 percent.