Bangladesh sees individual income tax payments rise over 200%
Chief Economics Correspondent, bdnews24.com
Published: 2016-12-02 00:19:51.0 BdST Updated: 2016-12-02 00:19:51.0 BdST
The National Board of Revenue (NBR) has received 300,000 more tax returns within the period corresponding to the last year, which gives a rise of individual tax payments by 207 percent.
The NBR revealed the data on Thursday after the deadline to submit income tax for 2016-17 financial year ended on Wednesday midnight.
Though the number of people with Tax Identification Number (TIN) rose to around 1.98 million by June, only 1.1 million individual taxpayers have submitted tax returns in this fiscal, according to NBR.
The number of tax returnees, however, has risen by 40.34 percent this year.
The NBR has collected over Tk 33.35 billion income tax this year from individuals, up 207 percent from last year's Tk 10.84 billion, it added.
It took a slew of measures and programmes to raise the collection of income tax and to reach a new high this year.
The agency is supposed to collect Tk 2.03 trillion revenue, including Tk 719.4 billion income tax from individuals and organisations, as per the target set in the national budget.
According to the board, the number of TIN-holders rose from 1.9 million in June to 2.4 million until Wednesday.
The NBR said over 150,000 taxpayers have petitioned to extend the time to submit tax returns. They will have to pay 2 percent more per month from the end of the deadline to submit the return.
NBR Chairman Nojibur Rahman in a statement thanked the taxpayers for submitting returns.
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