The National Board of Revenue (NBR) has extended the deadline for filing individual income tax to 31 January, 2024, instead of the previously set deadline of 30 November. The National Board of Revenue officially announced the extension on Wednesday (29 November). According to an order which was signed by Md Mohidul Islam Chowdhury, second secretary tax law at the NBR - the tax day would be observed on 31 January, 2024, for individual taxpayers instead of November 30, 2023. As many of taxpayers was unable to take preparations to file tax returns in line with the Income Tax Act-2023, for this reason the tax administration considered the extension after trade bodies demanded more time including the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).  It is told by the FBCCI that it might not be possible for many taxpayers to submit returns by November 30 deadline because of the on going political situation and upcoming elections. A senior official of the NBR said the tax authority considered an extension so taxpayers could file returns in compliance with the new law. This year no tax fair was held, rather the NBR organised a nationwide special support service to help taxpayers submit their income tax returns. at the tax zone office premises  Bangladesh has nearly 94 lakh registered taxpayers. However, NBR data showed that almost 36 lakh taxpayers filed their income and expenditure statement in the year 2022-23.

The commerce ministry has requested National Board of Revenue (NBR) to withdraw duty over onion import as well as to withdraw duty imposed on none refined soyabean oil, palm oil and sugar as prices of these items have soared in the recent times. The request was made in a meeting organized with a view to keep stock, supply, import, price situation normal and static of the essential commodities held at the commerce ministry conference room on Monday afternoon. At the beginning of the meeting Import and Internal Trade division additional secretary AHM Shafiquzzaman said, recently prices of some essential commodities (such as edible oil, sugar, onion and lentil) have gone up influenced by the international market. As a result commerce ministry has taken some steps to keep the stock, import, supply and price situation static in the market. He said, prices of onion have gone up because of sudden rain in India but there is no crisis of the commodity against the demand. About the high price of edible oil the secretary said, the government will investigate about the issue of increased price. In the meeting Commerce Minister Tipu Munshi was connected virtually. AH 

The timeframe for income tax return submission has been extended for one more month. The decision was taken in the board meeting of National Board of Revenue (NBR) on Monday.NBR Chairman Abu Hena Mohammad Rahmatul Munim confirmed the information on Monday afternoon. The NBR Chairman said, the timeframe for income tax return submission has been extended up to December 31 due to request from all including personal taxpayers, businessmen, income tax lawyers and public representatives following the Covid situation. Although yesterday the NBR Chairman announced at a press conference on the occasion of national income tax day-2020 that timeframe would not be extended. He noted that 13 lakh 20 thousand returns were submitted till November 26 and the amount of paid tax is 2 thousand 387 crore taka. He said, though our ability has increased but the segment of income tax has not increased at the expected level. At that time he said, there is no scope to extend the timeframe for submitting the income tax return. Those who did not submit have to submit it within Monday. Otherwise they have to pay the fines. The NBR Chairman said, those who would fail to submit income tax return in the stipulated time they can apply to the concerned tax office. In that case fine will be waived if they can show logical reason. If the commissioner observes that the reason is not logical then he has to pay the fine. Mentionable, at present 46 lakh citizens have the Tax Identification Number (TIN). But nearly half of them do not submit return regularly. AH    

The government has appointed Abu Hena Md Rahmatul Muneem, senior secretary of the Energy and Mineral Resources Division who is currently on post-retirement leave, as the new chairman of the National Board of Revenue (NBR) on contractual basis. He will also act as the senior secretary of the Internal Resources Division for the next two years. The Public Administration Ministry issued a notification on Wednesday in this regard. Abu Hena Muneem is replacing Md Mosharraf Hossain Bhuiyan as the NBR chief. Having a diverse administrative broad-based knowledge and experience, he joined the Bangladesh Civil Service (Administration) on January 21, 1986. Prior to his new assignment, Muneem served as the Senior Secretary of the Energy and Mineral Resources Division, and Chairman of the Gas Transmission Company Limited (GTCL) Board and Bangladesh Petroleum Corporation. He also served in the central administration of the power, energy and mineral resources, public administration, home, civil aviation and tourism ministries and other departments in different capacities. He has been actively involved in monitoring and overseeing the implementation of Vision 2021 and Vision 2041. Abu Hena Muneem obtained his Bachelor and Master degree in Geology from Dhaka University. Later, he did an MBA (Finance) degree under Northern University Bangladesh. Source: UNB AH

National Board of Revenue (NBR) Chairman Mosharraf Hossain Bhuiyan said, to realize Value Added Tax (VAT) the work of installing Electronic Fiscal Device (EFD) in every shop will begin from the current month. He said this at a press conference held at National Revenue Building at Segun Bagicha in the capital on Sunday on the occasion of national VAT day and VAT week. The NBR Chairman said, our EFD machines have reached at the Chattogram port. Those will be cleared from the port by today. The work of installing the machines in the shops will begin from the month of December. He said, at first 10 thousand machines will be given. These machines will be installed in 50 percent business organizations within the current fiscal year. The NBR Chairman also said, if the 10 thousand machines work properly then rest 90 thousand machines will be installed. After that further one lakh machines will be bought. In the current fiscal year a Chinese consortium was given the work order of supply, set up and operation for one lakh machines. The price of each EFD machine will be 32 thousand taka which will be given by the government to the businessmen through installments. AH

National Board of Revenue (NBR) chairman Mosharraf Hossain Bhuiyan said that they are investigating the bank accounts of Dr Kamal Hossain, president of Gono Forum and also a leader of Jatiya Oikyafront, the BNP-led opposition alliance formed ahead of the national polls. The tax watchdog is also seriously investigating allegations of tax evasion raised against the noted jurist, he also said. Mosharraf was talking to journalists at a press conference in the city on Sunday on the occasion of National VAT Day and VAT Week. During investigation, NBR field officers found allegations of tax evasion and if it is proved, action will be taken against Dr Kamal Hossain, said the NBR boss. He went on sating that Dr. Kamal Hossain is leading the opposition alliance formed to contest the upcoming 11th general election. If NBR checks his bank accounts at this time, many questions may arise. Mosharraf, however, said that they will not backtrack from running the investigation against the politician as nobody can deceive the country and its people with tax evasion. MHK

There will be endeavors in the upcoming budget for fiscal year 2018-19 to expand tax net to boost revenue earnings instead of increasing tax rates, said National Board of Revenue (NBR) chairman Md Mosharraf Hossain Bhuiyan.  ‘Incentives affect revenue earnings . . . yet we are thinking that if incentives are given, investment will increase that will create jobs, help expand exports. Overall trade and industrialization get expedited,’ said Bhuiyan while speaking at a luncheon meeting in Dhaka on Tuesday. Reports BSS.  American Chamber of Commerce in Bangladesh (AmCham) organized the meeting styled ‘National Budget in the evolving graduation of Bangladesh from a Least Developed Country to a developing country’. AmCham president Md Nurul Islam chaired the meeting which was addressed by AmCham vice-president Shadab Ahmed Khan.  NBR chairman said Bangladesh has no alternative to increase local and foreign investments to be a developed nation finally. The government is encouraging foreign investment to strengthen industrialization, he said, adding that the NBR is planning to take some positive steps in this regard during preparing the next budget.  Mentioning that using of Electronic Cash Register (ECR) machine will be made mandatory for all business establishments to check dodging of Value Added Tax (VAT), he said many businesses collect VAT from people but do not deposit the money properly to government exchequer. Those businesspeople consider the collected VAT as profits, he said and urged them to desert such mentality.  He said that the NBR had tried to make the use of ECR machine mandatory in the past but it failed to do so. Now NBR is adamant in this regard and every business house must have ECR machine, he added. AmCham president Nurul Islam proposed to cut corporate tax to increase investments in the country. AH

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         

National Board of Revenue (NBR) Chairman Md. Mosharraf Hossain Bhuiyan has said that there will be opportunity for whitening the black money in the next budget of fiscal year 2018-19. He said this at a pre-budget discussion held at the NBR conference room at Segun Bagicha in the capital on Tuesday.  NBR Chairman said, there will be opportunity for whitening black money by providing fines in this year also. Real estate organization REHAB has sought for providing opportunity to invest in housing sector in the next five years for whitening the black money. They also submitted 12-point proposals including fixing duty and other fees to 7 percent for flat and plot registration. Economists and researchers every year raise objection against the decision. But opportunity is given for whitening the black money. This is meant for bringing the undisclosed money into the main stream of economics. In the program REHAB first vice president Leyakat Ali Bhuiyan said, secondary market management should be pronounced by fixing registration expense and ensuring undisclosed financial investment facilities. AH      

The National Board of Revenue (NBR) will start pre-budget discussion with trade bodies and other stakeholders from April 3 as part of its move to prepare national budget for fiscal year 2018-19 (FY19).  The NBR will discuss issues relating to customs and tax with representatives of 21 sectors as part of its pre-budget talks. Reports BSS. ‘We are going to open pre-budget talks with trade bodies and other stakeholders from April 3. The list of trade bodies and stakeholders for the talks will be finalized in a day or two,’ Chief Budget Coordinator of NBR Mohammad Lutfar Rahman said on Tuesday.  NBR Chairman Mosharraf Hossain Bhuiyan will chair the pre-budget talks to be held at the NBR's 'Rajashwa Bhaban' in the city's Segunbagicha area. Senior information officer of NBR Syed A Munam said that NBR will review all proposals and suggestions of the trade bodies and the stakeholders and send to the finance ministry for taking into consideration for budget preparation.  Earlier on March 18, the NBR sought proposals from individuals, trade bodies, organizations and establishments to make its revenue mobilization policy more effective for FY19. The revenue authorities requested the organizations concerned to submit their proposals in written to the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI). It also requested the chambers and associations to send a softcopy of their proposals to the NBR's email ([email protected]). The establishments, organizations and offices which are not members of any chamber or association can send their budget proposals to the NBR through this email. AH