Economic Reporter :
The National Board of Revenue (NBR) is set to extend its special facilities to more taxpayers who are paying the highest taxes for long time in an attempt to encourage more people for paying taxes
With a fresh move, the NBR has come up with a decision to amend its existing policy for awarding more top taxpayers for their outstanding contributions to the government exchequer.
The policies are-National Tax Card Policy 2010 and District Wise Top and Long Term Income Taxpayers’ Policy 2008, officials said.
The decision was made at a recent board meeting held at the NBR headquarters with its Chairman Md Nojibur Rahman in the chair.
Currently, the NBR awards prestigious tax cards to top 20 entrepreneurs, 10 each from individual taxpayers and companies, for paying the highest income tax at the national level. The tax cards are awarded in line with the National Tax Card Policy 2010.
According to the NBR plan, from now on, the revenue authorities will award a total of 108 tax cards to the highest taxpaying individuals and companies under its national category from existing 20 tax cards.
Under the individual category, total 57 individuals will be awarded under national category from the existing 10 individuals while 40 firms will receive awards under company category from the existing quota of 10 companies. Another 11 will receive the national tax card under different categories as the NBR has decided to include them for national awards.
The individual taxpayers will get the awards based on their source of income or their profession. Some individual taxpayers under another five categories- freedom fighters, female taxpayers, gazette freedom fighters, physically disabled persons and young taxpayers- will also be awarded with the tax card from this year.
On the other hand, the company taxpayers will receive their awards under 12 categories. There will be another four categories in company taxpayers’ criteria- firms, Local authorities, individual associations and others, according to NBR decision.
The increased number of taxpayers will be awarded on the basis of their income tax statement and tax payment figure as paid in the latest fiscal year once the NBR move comes into effect.
The NBR has taken up the decision to recognise more taxpayers to encourage more people to pay tax which will help widen the overall tax net and ensure increased revenue collection, said officials concerned.
Currently, country’s revenue authorities mostly award heavy-weight taxpayers, mostly business, considering the volume of payments. Professionals like doctors, lawyers, teachers, chartered accountants, engineers are now contributing to the government exchequer alhough they have apparently failed to secure their positions in the list of prestigious tax card winners as given by National Board of Revenue (NBR).
The cardholders enjoy privileges to use the CIP lounge at airports and get priority in making reservation in all the hotels.
Currently, the NBR also award three highest and two long-time taxpayers from each city corporations and districts for their contribution to previous fiscal year. Along with these five taxpayers, the board will also award a female taxpayer and a young individual aged below 40 years with this category.
The National Board of Revenue (NBR) is set to extend its special facilities to more taxpayers who are paying the highest taxes for long time in an attempt to encourage more people for paying taxes
With a fresh move, the NBR has come up with a decision to amend its existing policy for awarding more top taxpayers for their outstanding contributions to the government exchequer.
The policies are-National Tax Card Policy 2010 and District Wise Top and Long Term Income Taxpayers’ Policy 2008, officials said.
The decision was made at a recent board meeting held at the NBR headquarters with its Chairman Md Nojibur Rahman in the chair.
Currently, the NBR awards prestigious tax cards to top 20 entrepreneurs, 10 each from individual taxpayers and companies, for paying the highest income tax at the national level. The tax cards are awarded in line with the National Tax Card Policy 2010.
According to the NBR plan, from now on, the revenue authorities will award a total of 108 tax cards to the highest taxpaying individuals and companies under its national category from existing 20 tax cards.
Under the individual category, total 57 individuals will be awarded under national category from the existing 10 individuals while 40 firms will receive awards under company category from the existing quota of 10 companies. Another 11 will receive the national tax card under different categories as the NBR has decided to include them for national awards.
The individual taxpayers will get the awards based on their source of income or their profession. Some individual taxpayers under another five categories- freedom fighters, female taxpayers, gazette freedom fighters, physically disabled persons and young taxpayers- will also be awarded with the tax card from this year.
On the other hand, the company taxpayers will receive their awards under 12 categories. There will be another four categories in company taxpayers’ criteria- firms, Local authorities, individual associations and others, according to NBR decision.
The increased number of taxpayers will be awarded on the basis of their income tax statement and tax payment figure as paid in the latest fiscal year once the NBR move comes into effect.
The NBR has taken up the decision to recognise more taxpayers to encourage more people to pay tax which will help widen the overall tax net and ensure increased revenue collection, said officials concerned.
Currently, country’s revenue authorities mostly award heavy-weight taxpayers, mostly business, considering the volume of payments. Professionals like doctors, lawyers, teachers, chartered accountants, engineers are now contributing to the government exchequer alhough they have apparently failed to secure their positions in the list of prestigious tax card winners as given by National Board of Revenue (NBR).
The cardholders enjoy privileges to use the CIP lounge at airports and get priority in making reservation in all the hotels.
Currently, the NBR also award three highest and two long-time taxpayers from each city corporations and districts for their contribution to previous fiscal year. Along with these five taxpayers, the board will also award a female taxpayer and a young individual aged below 40 years with this category.
