Income Tax Week begins today to make tax services easier
November 30 to be observed as National Income Tax Day
UNB
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 today for the first time in the country aiming to make the tax-related services easier, reports UNB.
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, weve no option to extend the deadline unless we amend the law in Parliament. Theres no option to extend the deadline through an executive order as the 2016-17 budget has fixed it...the budget is a law. Thats why weve decided to hold the Income Tax Week for giving an extra comfort to the taxpayers, a senior NBR official told the news agency.
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 received a target of Tk 2,03,212 crore which is 35.4 per cent 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.
He said this Income Tax Week might supplement the NBRs effort likes the Income Tax Fair. Weve got a very good response from the Income Tax Fair this year and were very much optimistic to get a good response from this Week also, he added.
The NBR has fetched Tk 2129.67 crore from the week long Income Tax Fair this year that starts on November 1.
According to the NBR, some 9,28,973 persons took various types of services from the tax fair. Of the total number 1,94,98 persons submitted their income tax return in the fair. A number of 36,853 persons took new tax identification number (TIN) from the fair this year.
The annual event that is in its seventh year began in all divisional cities on November 1. The fair also took place in the district towns for four days and in 29 upazilas for two days between November 1 and November 7. The NBR also held the show in 57 upazilas through mobile vans.
