Finance News

4671 returns submitted online in 10 days

In just 10 days, more than 4,500 taxpayers have submitted income tax returns online. And more than five thousand have prepared returns. This information is revealed in the latest updated figures of the National Board of Revenue (NBR). In October last year, NBR launched the system of online returns for individual tax payers in a big way.

This year online return submission started on August 25. 4 thousand 671 taxpayers have submitted returns in 10 days till September 3. An average of 467 taxpayers filed returns online every day. 5 thousand 270 taxpayers have prepared returns in the last 10 days. They will submit the return later. In all, 1 lakh 18 thousand 281 people have registered for online return submission and other services during this period.

In this regard, a top tax official closely involved with the launch of the online system told Prothom Alo, “We have received a good response in the first 10 days. It is expected that more than five lakh taxpayers will give their returns online this year. It should be noted that returns can be given from July 1 to November 30 every year.

On October 10 of the last financial year, NBR launched the facility of online return submission. Last time, a total of 72,000 taxpayers submitted their returns online.

According to NBR sources, many income tax lawyers are preparing annual returns of clients this year. Even if they don’t deposit, they are automatically settled in this online facility. Tax lawyers are now turning to online return systems.

Online filing of income tax returns was introduced in 2016 at a cost of Rs 51 crore. It ran until 2019 after four years of operation. At that time, five to six thousand taxpayers submitted annual returns every year. After 2019 no one could file returns online. The Vietnamese company that is the contractor of this project also left without explaining the work. Later in November 2020, a special team of the Income Tax Department of the National Board of Revenue (NBR) launched the new online system at a cost of just Rs 2 crore.

All work can be done online including return submission, tax payment, return preparation, registration. Even acknowledgment of receipt of return deposit is available. To file return online, first you have to register on the NBR website.

Bangladesh has the lowest tax-GDP ratio in South Asia. Now it is below 10 percent. This rate is less than half of neighboring Nepal. Even war-torn Afghanistan or Pakistan are better than Bangladesh in this respect. In addition, the ratio of indirect taxes to total revenue is higher than that of direct taxes.