Return submission, tax collection increase despite Covid-19

The number of submission of income tax returns as well as income tax collection of individual taxpayers increased in the current fiscal year (FY21) although the Covid-19 pandemic is taking its toll on the global economy.

According to the National Board of Revenue (NBR), a total of 24,09,357 individual taxpayers submitted their returns till December 31 which was also 9 percent higher than the last tax year.

Besides, till December 31, the revenue board collected a total of Taka 34,238 crore as revenue over the last six months which was also Taka 1,545 crore or 4.73 percent higher than the last tax year.

NBR member M Alamgir Hossain said that the number of income tax returns has increased this time since it has been made mandatory to submit returns by all TIN holders. “Besides, awareness has been created among common people about submitting returns and thus we’re getting the results of it,”

He informed that around 2 lakh taxpayers have applied before the NBR to submit their returns beyond the extended timeframe of December 31 and once those returns are submitted, the total number of submitted tax returns would reach around 26 lakh. Currently, the number of TIN holders in the country is 56 lakh.

Meanwhile, NBR chairman Abu Hena Md Rahmatul Muneem has expressed his heartfelt gratitude to the taxpayers for submitting their returns braving health risk despite this pandemic.

In a press release of the NBR, Muneem also hoped that such cooperation of the patriotic taxpayers would continue in the coming days.

[Source: BSS]