Latest Income Tax News & Updates

NBR extends Income Tax Return timeframe for one month

No Income Tax Fair this year due to Corona situation

National Board of Revenue (NBR) has been organizing countrywide income tax fair every year. But due to the coronavirus pandemic situation the authority has decided not to organize the fair this year to avert health risks. According to the NBR sources, to ensure service at the field level income tax return will be collected in every tax zone. There income tax centers will be set up to provide service for depositing income tax return. The matters were decided at a meeting of NBR on Wednesday. NBR Member (Tax Administration) Arifa Shahana confirmed the information to the news media. She said, income tax fair is not going to be organized this year. But steps are being taken so that the tax payers would get the facilities of the fair at the zonal tax offices. The first income tax fair was organized in 2010. At first the fairs were organized in Dhaka and Chattogram and later those were extended to the divisional cities in 2019. The taxpayers get different types of services from the fair including bank booth service for paying tax, filling up return forms and obtaining Tax Identification Number (TIN) or TIN certificates. AH

NBR investigating Dr Kamal’s bank accounts

Tax-free income limit to remain unchanged

Uber-Pathao under tax net

NBR to expand tax net for boosting revenue earnings

Three wheelers to be under tax net

National Board of Revenue (NBR) Chairman Md. Mosharraf Hossain Bhuiyan has said that CNG run auto rickshaws and other three wheelers to be brought under tax coverage in the budget of 2018-19 fiscal year. He said this at a pre budget discussion with automobiles and transport businessmen at the NBR meeting room in the capital on Thursday. He said, from next fiscal year the Tax Identification Number (TIN) will be made obligatory for the three wheelers owners. In the meeting Md. Ansar Ali, president of Four Stroke CNG run Auto rickshaw and Three wheelers Owners Association Bangladesh said, CNG run auto rickshaw owners should have trade license. As well as owners should have brought under tax net. Besides CNG auto rickshaw should come under app based service. He said that they should be association member and get the certificates. There were 32 thousand CNG run auto rickshaws but the number is at present 20 thousand. Leaders of Bangladesh Automobile Workshop Owners Association, Four Stroke CNG run Auto rickshaw and Three wheelers Owners Association of Bangladesh, Bangladesh Road Transport Owners Association, Bangladesh Motor Parts and Tire Tube Business Association and others organizations took part in the meeting. AH

NBR drive to trace foreign money launderer

When Bangladesh expatriates are sending thousands of crore taka in the country through legal means then the foreigners living in the country are taking away huge amount of money. According to the US based Pew Research Center, foreigners living in Bangladesh are taking away 201 crore dollars per year to their respective countries. In Bangladeshi currency it stands at around 16 thousand 670 crore taka. Foreigners have taken away this amount of money from the country in the year 2016. The foreigners sent the money to their respective countries such as, China, Indonesia, Malaysia, India, United States, Vietnam, Nepal, Thailand, Japan, Norway, United Kingdom, Myanmar, Brazil, Laos and Cambodia. But in return how much money the government is getting? According to the government calculation, 85 thousand 486 foreigners are working in the country. These foreign nationals are working in readymade garments and other export oriented sectors in Bangladesh. According to the information provided by Home Minister Asaduzzaman Khan Kamal in the parliament in February last, half of the foreigners living in Bangladesh are Indians. The number of Indians is 35 thousand 386. Then the number comes from Japanese which is 4 thousand 93. Then the number of Koreans 4 thousand 93, Malaysians 3 thousand 395 and Sri Lankans 3 thousand 77 who are working in Bangladesh. There are also a good number of foreign citizens from Thailand, United Kingdom, United States, Germany, Singapore and Turkey who are working in the country. National Board of Revenue (NBR) is saying that of them 13 thousand people submit income tax return. NBR is going to operate drive from next week against them who do not give tax and send money to their country illegally. NBR Chairman Md. Mosharraf Hossain Bhuiyan said, we want to bring them under tax culture. A good number of foreigners are working in Bangladesh under tourist visas. We will look into the matter so that it would not happen. Generally foreigners have to pay 30 percent tax from their income. Mosharraf Hossain said, those who have to pay double taxation, we will give some benefits to them. According to our agreements with certain countries, the concerned nationals should not have to pay tax in their countries if they pay the tax here. If they pay tax in their countries then they need not to give tax in Bangladesh. AH