Welcome to Business Outlook
Related Articles
The number of income tax return submission in July, the first month of the current financial year 2022-23, increased by 242.75 per cent to 50,532 compared with that of 14,743 in the same month of 2021-22.
The surge came after the government made it mandatory to submit return submission documents for receiving at least 42 government services.
According to National Board of Revenue, travel tax collection also increased by 350 per cent to Tk 90 crore in the month compared with that of Tk 20 crore in the same month of the previous financial as the outgoing international passengers using air, land and waterways rose in the period.
However, the NBR’s income tax wing in July of FY23 managed to collect Tk 4,732.15 crore in taxes, almost the same as July of FY22 when the amount was Tk 4,732.09 crore.
According to the NBR data, the wing was able to collect 84 per cent revenue against the July target of Tk 5,667 crore.
In July, 71.65 per cent or Tk 3,390 crore of the total income tax earned as source tax.
NBR income tax wing officials said that the compliance increased in July.
They said that the wing had gradually been moving to practicing the automated tax system to ensure transparency and taxpayer compliance environment.
As part of boosting direct tax revenue, the NBR is conducting several workshops and meetings with field-level officials to minimise tax dodging by taxpayers.
The income tax collection shortfall was 3.30 per cent or Tk 3,475 crore against the target of Tk 1,05,475 crore for FY22.
The wing managed to collect Tk 1,02,000 crore in the past financial year.
The government has set the target at Tk 1,38,000 crore in income tax for FY23.
There are over 70 lakh tax identification number holders in the country, but 24-25 lakh people file their returns every year.
The NBR has been given a revenue collection target of Tk 3.70 lakh crore for the current financial year.
The revenue board collected Tk 3,17,000 crore in the past financial year against the target of Tk 3,30,000 crore.
(NA)
