FBCCI for extending companies’ tax return filing deadline

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has proposed extending the deadline for submission of tax returns by companies until April 30 this year.

The apex trade body has put forward this proposal to the National Board of Revenue (NBR) as the deadline for tax return filing by companies is scheduled to expire on February 28. Earlier, the NBR extended the return filing deadline for companies from January 15 to February 28.

FBCCI in its recent letter sent to NBR Chairman Abu Hena Md Rahmatul Muneem said that businesses have not yet received a thorough understanding of Income Tax Act-2023, which came into force in June last year.

Besides, it cited that unfavourable global environment, high inflation, forex crunch, and companies' involvement in import of goods ahead of Ramadan are all contributing factors in extending time for preparing the papers for auditing.

“The companies are also facing problem completing the audited financial statements and obtaining the documents verification code (DVC),” the letter reads.

The DVC shows the fact that certified public accountants have authenticated the financial accounts. According to the NBR guidelines, businesses must use the DVC in their audited accounts.

According to the FBCCI, some of its member groups have demanded a two-month extension of the deadline for tax return filing to allow businesses to complete taxes without facing penalties.