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18 May 2024

Business Insider Bangladesh

Number of income tax returns likely to cross 40 lakh in FY24

BI Desk || BusinessInsider

Published: 00:42, 1 May 2024  
Number of income tax returns likely to cross 40 lakh in FY24

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The number of income tax returns at individual level in the current fiscal year (FY24) is expected to cross 40 lakh, said National Board of Revenue (NBR) Chairman Abu Hena Md Rahmatul Muneem.

"The number of TIN holders in 2020 was 60 lakh which has now increased to 1.20 crore. The number of returns submitted in 2020 was 21 lakh which has reached 39 lakh. We hope that the number of returns at the end of this year will cross 40 lakh," he said.

The NBR chairman was addressing a seminar titled "Bangladesh's Domestic Resource Mobilization-Imperative and a Roadmap'" organized by the Policy Research Institute (PRI) held at a city hotel on Tuesday, reports BSS.

He also informed that the number of BIN holders in the country now reached 5 lakh which was 2 lakh in 2020.

The NBR Chairman mentioned that it has been possible to increase the number of TINs, BINs and returns due to the simplification of the tax payment system. "This is applicable at income tax, VAT and customs. It's now possible to submit returns online while staying at home while there is no need to go to the tax offices for receiving tax certificates. The taxpayers are not getting tax certificates while submitting their returns,"

Acknowledging that the tax to GDP ratio is still low in the country, Muneem said, "The tax to GDP ratio in Bangladesh is low and I'm disappointed over it. If you see the context of Maldives and Nepal, then you can see that a large portion of their revenue come from the tourism sector. It's possible to make more value addition in tourism. But, such sources of revenue is limited in our country,"

Citing that the hefty borrowing trend of the government is not negative rather positive, he said such trend helps to make dynamic the economy side by side increases the involvement of the private sector with the government which eventually strengthen further the economy.

He said the NBR always provide policy support to flourish industry and businesses.

The NBR Chairman also sought support from all concerned stakeholders to augment the revenue generation in the country.