Finance minister proposes to declare Oct 30 as Tax Day
Chief Economics Correspondent, bdnews24.com
Published: 02 Jun 2016 08:02 PM BdST Updated: 02 Jun 2016 08:14 PM BdST
Finance Minister AMA Muhith has proposed designating Oct 30 as Tax Day and making it mandatory for taxpayers to file their returns by that day.
He came up with the proposal while placing the national budget for 2016-17 fiscal year in Parliament on Thursday.
Currently, the deadline for submission of tax returns is Sep 30 for individual taxpayers. The deadline is, however, extended every year on request from the taxpayers.
The minister said, “Sometimes, the deadline is extended several times. Taxpayers don’t submit returns with the assumption that the deadline will be extended.
“It delays the tax determination and revenue collection activities on the one hand and is undermining the importance of the law on return deadline on the other.”
Referring to the rigid return submission deadline in different countries, he said, “My proposal is that Bangladesh, too, will have a rigid return submission deadline, which will be called Tax Day.”
The Tax Day will fall on Oct 30 but will move a day if Oct 30 is a public holiday, Muhith said.
The minister expressed his ‘frustration’ with the low number of real taxpayers in the country.
According to him, only 1.2 million Bangladeshis file returns though 1.8 people have tax identification numbers (TIN).
Muhith said the number of returns submitted should increase.
“The number of taxpayers is shameful. Our target is to raise the number to 1.5 million from 1.2 million in the next fiscal year,” he added.
-
Biden's first year to see employment growth as challenge
-
Bangladesh averted COVID-induced crisis: Hasina
-
China’s college graduates can’t find jobs
-
Most major economies are shrinking. Not China’s
-
China's Q4 GDP growth beats forecast
-
Tk 27bn in new stimulus for small businesses
-
Wall Street cheers on Biden stimulus plan
-
Biden's rescue package offers bridge for hard-hit economy
-
Biden's first year could see record employment growth. More will be needed
-
Bangladesh averted virus-induced economic crisis: Hasina
-
China’s college graduates can’t find jobs. The solution: grad school
-
Most major economies are shrinking. Not China’s
-
China's Q4 GDP growth beats forecast, ends 2020 in solid position after COVID-19 shock
-
Bangladesh rolls out Tk 27bn in new stimulus for small businesses
Most Read
- Young model Naaz found dead at home in Dhaka after suspected suicide
- Biden names Bangladeshi-American Zayn Siddique senior aide to White House deputy chief of staff
- Shakib back with a bang to help Bangladesh to easy win in first ODI against West Indies
- Bangladesh to begin COVID vaccination drive with 20 doses on first day: official
- Bangladesh ODI team to wear special jersey marking 50 years of independence
- Free COVID vaccines to arrive from India on Thursday: official
- With hours left in office, Trump grants clemency to Bannon and other allies
- BTRC testing quality of mobile networks for six months
- Bangladesh logs 8 virus deaths, lowest daily count since early May
- Trump leaves the White House for the last time as president