National Board of Revenue (NBR) has taken all out measures to fulfill its revenue collection target, officials said.
Although the NBR expects for better revenue collection this fiscal, but in reality, the number of income tax returns is very disappointing so far, said sources concerned.
In this context, they informed, the NBR has asked its field offices to find out people who have not submitted tax returns this year despite having taxable income.
As mismatch between the submissions of income tax returns against the total taxpayers identification numbers (TINs), the NBR is going to take serious steps against the errant taxpayers, they added.
According to NBR data, only 48 percent or 22 lakh TIN-holders submitted tax returns this year while the total TIN-holders is 46 lakh.
“Most of people used to take TINs just to fulfill their mandatory works like purchasing land or a flat,” a NBR official said, adding that after finishing their works, these people don’t bother to submit their income tax returns or pay the income tax to the national funds.”
He said, “We want to hunt down such people and compel them to pay their due income taxes. The punishment for not submitting income tax return is Tk 1,000 for one time and Tk 50 for each delayed day.” The NBR is thinking to be harsher against the errant taxpayers as it would be easier for them to catch the taxpayers as they have taken TIN that requires the National Identification Number (NID).
The total revenue collection for the running 2019-20 fiscal was estimated to be Tk 3,77,810 crore where the NBR will contribute Tk 3,25,660 crore.
The tax revenue from non-NBR sources was estimated at Tk 14,500 crore, while non-tax revenue at Tk 37,710 crore.
Of the grand amount for the NBR, Tk 1,13,912 crore will come from income, profit and capital tax, while Tk 1,23,067 crore will be contributed by VAT, supplementary tax will provide 48,153 crore, Tk 36,498 crore will come from import duty, Tk 54 crore from export duty, Tk 2,239 crore from the excise duty and Tk 1,677 crore as other taxes.
National Board of Revenue (NBR) chairman Mosharraf Hossain Bhuiyan said that the country’s collection of income tax is not enough, and urged all capable people to pay income tax for the sake of the development of the country.
He asked the field officers to contact those who have TINs and taxable income but did not submit the income tax returns and to ensure return submission and tax payment by those non-filers.