Muhith expects 20 lakh income tax returns

The number of taxpayers would reach 20 lakh (2 million) from existing 11 lakh this fiscal, Finance Minister AMA Muhith said yesterday.

“Although we had set a target of bringing 25 lakh people under tax bracket in the current fiscal,” he said while addressing the launching programme of ‘Income tax week’, organised by National Board of Revenue (NBR), at the premises of under construction NBR at Agargaon in the capital. Also, the highest taxpayers in the country were honoured at the same venue yesterday.
Presided over by NBR Chairman Mohammad Nazibur Rahman, Industries Minister Amir Hossain Amu, and member of NBR (tax administration and human resources management) Md Abdur Razzak addressed the programme.
Earlier people were not interested to pay taxes as they thought the process was complicated, but now the situation has changed and the people want to pay tax willingly, Muhith added.
Income tax fair, which is being organised by NBR every year since 2010, has familiarized people with the tax culture, he said.
He also praised the young people those who are paying tax and said it is good sign as they are joining with the development of the nation.
Muhith further said now the national budget is Tk 340,000 lakhs crore that was possible due to revenue growth during last seven years. 
He expects that he would be able to announce Tk 5-lakh-crore national budget in the last fiscal of the incumbent government if the trend of tax collection continues.
Amir Hossain Amu urged people to come forward to pay tax and contribute in development of the country. 
“If all eligible people pay taxes, it would be possible for us continue the country’s development with our own fund,” he said.
“Now, we are able to implement mega project like Padma Bridge as the economy is getting strong,” he added.
Tax Payers Card was distributed by NBR in the programme. Three companies have been honoured in the energy category. They are--Titas Gas Ltd, which is under Large Taxpayer Unit (LTU), Sylhet gas fields Ltd, Barapukuria Coal Mine Company Ltd.
In banking category, Standard Chartered Bank, Islami Bank Bangladesh Ltd,  Hong Kong and Shanghai Banking Corporation (HSBC), and Janata Bank Ltd were awarded with the card. 
Mwanwhile, Infrastructure Development Company Ltd (IDCOL) was recognised as the highest taxpayer and has been put into LTU category, IDLC Finance Ltd, Delta BRAC Housing Finance Corporation Ltd, Uttara Finance and Investment Ltd were also honoured in the same category. 
GrameenPhone leads in Telecommunication category.
In Spinning and Textile category, Square Textiles Ltd honoured as the LTU category, Apex Textile Printing Mills Ltd, Coats Bangladesh Ltd, Badsha Textiles Ltd, GMS Composite Knitting Industries Ltd, Saiham Cotton Mills Ltd, Square Yarns Ltd.     
The NBR will also honour a total of 517 taxpayers, including 370 highest taxpayers and 147 long time taxpayers, from the district level for their contribution to the government revenue.

Muhith expects 20 lakh income tax returns

The number of taxpayers would reach 20 lakh (2 million) from existing 11 lakh this fiscal, Finance Minister AMA Muhith said yesterday. Although we had set a target of bringing 25 lakh people under tax bracket in the current fiscal, he said while addressing the launching programme of Income tax week, organised by National Board of Revenue (NBR), at the premises of under construction NBR at Agargaon in the capital. Also, the highest taxpayers in the country were honoured at the same venue yesterday. Presided over by NBR Chairman Mohammad Nazibur Rahman, Industries Minister Amir Hossain Amu, and member of NBR (tax administration and human resources management) Md Abdur Razzak addressed the programme. Earlier people were not interested to pay taxes as they thought the process was complicated, but now the situation has changed and the people want to pay tax willingly, Muhith added. Income tax fair, which is being organised by NBR every year since 2010, has familiarized people with the tax culture, he said. He also praised the young people those who are paying tax and said it is good sign as they are joining with the development of the nation. Muhith further said now the national budget is Tk 340,000 lakhs crore that was possible due to revenue growth during last seven years. He expects that he would be able to announce Tk 5-lakh-crore national budget in the last fiscal of the incumbent government if the trend of tax collection continues. Amir Hossain Amu urged people to come forward to pay tax and contribute in development of the country. If all eligible people pay taxes, it would be possible for us continue the countrys development with our own fund, he said. Now, we are able to implement mega project like Padma Bridge as the economy is getting strong, he added. Tax Payers Card was distributed by NBR in the programme. Three companies have been honoured in the energy category. They are--Titas Gas Ltd, which is under Large Taxpayer Unit (LTU), Sylhet gas fields Ltd, Barapukuria Coal Mine Company Ltd. In banking category, Standard Chartered Bank, Islami Bank Bangladesh Ltd, Hong Kong and Shanghai Banking Corporation (HSBC), and Janata Bank Ltd were awarded with the card. Mwanwhile, Infrastructure Development Company Ltd (IDCOL) was recognised as the highest taxpayer and has been put into LTU category, IDLC Finance Ltd, Delta BRAC Housing Finance Corporation Ltd, Uttara Finance and Investment Ltd were also honoured in the same category. GrameenPhone leads in Telecommunication category. In Spinning and Textile category, Square Textiles Ltd honoured as the LTU category, Apex Textile Printing Mills Ltd, Coats Bangladesh Ltd, Badsha Textiles Ltd, GMS Composite Knitting Industries Ltd, Saiham Cotton Mills Ltd, Square Yarns Ltd. The NBR will also honour a total of 517 taxpayers, including 370 highest taxpayers and 147 long time taxpayers, from the district level for their contribution to the government revenue.