UNB, Dhaka ;
At the fag end of the deadline for submitting tax return, the National Board of Revenue (NBR) has decided to hold Income Tax Week from November 24 for the first time in the country aiming to make the tax-related services easier.
The income taxpayers will get all tax-related all services under one roof like the Income Tax Fair. Some 649 circle offices of the Income Tax across the country under 31 tax zones will hold this Week in their respective offices.
The government has abolished the scope to extend the deadline for submitting income tax return through the budget for 2016-17.
In the budget, the Finance Minister said November 30 will be the last date for submitting income tax return. The NBR will also observe November 30 as National Income Tax Day.
“As the budget is a law, we’ve no option to extend the deadline unless we amend the law in Parliament. There’s no option to extend the deadline through an executive order as the 2016-17 budget has fixed it…the budget is a law. That’s why we’ve decided to hold the Income Tax Week for giving an extra comfort to the taxpayers,” a senior NBR official told UNB.
This system has been introduced from this fiscal. Even the taxpayers who will seek extra time have to give the interest as per the newly inducted 73A rules of the Income Tax Ordinance, the NBR official said.
According to the rule, the taxpayers will have to give two percent interest on his income tax a month. A taxpayer can submit this with delay for one year with interest. The NBR official said in the current fiscal the Income Tax Week will help the revenue collecting authority a lot attain the target for the running 2016-17 fiscal.
The NBR has got a target of Tk 2,03,212 crore which is 35.4 percent higher than the revised target of the 2015-16 fiscal. VAT will be the biggest contributor with Tk 72,764 crore, while Tk 71,940 crore will come from income tax and tax on profit while Tk 58, 447 crore from export and import duty.
At the fag end of the deadline for submitting tax return, the National Board of Revenue (NBR) has decided to hold Income Tax Week from November 24 for the first time in the country aiming to make the tax-related services easier.
The income taxpayers will get all tax-related all services under one roof like the Income Tax Fair. Some 649 circle offices of the Income Tax across the country under 31 tax zones will hold this Week in their respective offices.
The government has abolished the scope to extend the deadline for submitting income tax return through the budget for 2016-17.
In the budget, the Finance Minister said November 30 will be the last date for submitting income tax return. The NBR will also observe November 30 as National Income Tax Day.
“As the budget is a law, we’ve no option to extend the deadline unless we amend the law in Parliament. There’s no option to extend the deadline through an executive order as the 2016-17 budget has fixed it…the budget is a law. That’s why we’ve decided to hold the Income Tax Week for giving an extra comfort to the taxpayers,” a senior NBR official told UNB.
This system has been introduced from this fiscal. Even the taxpayers who will seek extra time have to give the interest as per the newly inducted 73A rules of the Income Tax Ordinance, the NBR official said.
According to the rule, the taxpayers will have to give two percent interest on his income tax a month. A taxpayer can submit this with delay for one year with interest. The NBR official said in the current fiscal the Income Tax Week will help the revenue collecting authority a lot attain the target for the running 2016-17 fiscal.
The NBR has got a target of Tk 2,03,212 crore which is 35.4 percent higher than the revised target of the 2015-16 fiscal. VAT will be the biggest contributor with Tk 72,764 crore, while Tk 71,940 crore will come from income tax and tax on profit while Tk 58, 447 crore from export and import duty.
