Widgetized Section

Go to Admin » Appearance » Widgets » and move Gabfire Widget: Social into that MastheadOverlay zone

NBR to launch online tax return submission from Jan ’15

The National Board of Revenue (NBR) will launch online tax return submission system from January next in a bid to facilitate taxpayers, NBR chief said Wednesday.

The revenue board will introduce the system on a pilot basis and start full-fledged operation from July 1, 2015, he said.

“Taxpayers will be able to submit tax returns and pay taxes through online without visiting tax offices. Taxmen will collect taxes directly from bank accounts with the electronic signature of taxpayers,” Ghulam Hussain, Chairman of NBR, said at a programme on launching ‘e-TIN service centre’ at BCS tax academy in the city.

The NBR chairman said the revenue board will be fully automated, first among other government entities by July next year.

“Revenue collection activity will be centrally regulated and monitored after full automation,” he said.

Mr Hussain said the revenue collection target for upcoming fiscal year will largely depend on income tax considering it enormous untapped potentiality.

“For the first time, target for income tax will be fixed higher than that of other two wings. Around 38 per cent of tax revenue is expected to come from income tax while 35 per cent from domestic Value Added Tax and 27 per cent from customs duty,” he said.

To achieve the targeted 7.3 per cent GDP growth next year revenue collection should post 22 per cent higher growth compared to that of the current FY, he added.

The revenue board is in an awkward position over the large numbers of logical budget proposals for FY 2014-15 seeking tax exemption for local industries.

“We have received some 4500 proposals, out of 5000, on tax exemption,” he added.

With regard to achieving revenue collection target, Mr Hussain expressed his optimism over meeting the revised target despite significant amount of shortfall in the first three quarters.

“We have intensified efforts and are monitoring to achieve the target. Last three months of the FY is a peak time for tax collection,” he added.

Replying to queries about unfreezing the bank accounts of BNP chief Begum Khaleda Zia, the NBR chairman said the Board will decide on this issue soon.

The caretaker government had frozen eight bank accounts of Khaleda Zia which remains frozen during the last five years.

Recently, a lawyer of BNP chairperson met the NBR chairman on the issue.

The Board has sought opinion of the law ministry and the finance ministry on legal matters for unfreezing the bank accounts, sources said.

After inaugurating the e-TIN service centre, the NBR chairman said some 1.2 million taxpayers have so far obtained fresh e-TIN under the system. Of them, some 9,00,000 are existing taxpayers who have reregistered themselves while some 3,00,000 obtained new TINs.

“As per our estimation, some 6,00,000 existing valid taxpayers are yet to obtain e-TIN. We hope they would take the opportunity of obtaining online TIN by June 30, the deadline for e-TIN registration,” the NBR chairman said.

The NBR has considered old TIN holders, who have paid tax once during the last five years, as valid taxpayers. Some 1.8 million TIN holders have been found under the category.

About the e-TIN service centre, the NBR chief said some 500-600 taxpayers can obtain services from the centre every day. Zonal offices of income tax have also such services for taxpayers.

From the centre, the taxpayers, including expatriate Bangladeshis, can obtain e-TIN, user ID against TIN, and correct mistakes in e-TIN such as names of father, mother, husband, wife, address, mobile phone number, sex, tax circle, etc. The centre will remain open from 10 am to 5.0 pm everyday, except holidays, until June 30 next.

——————————–
Source: Financial Express

Share This Post