Friday, 12 July, 2024, Reg No- 06
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Tax return filing deadline extended by two months

Published : Thursday, 30 November, 2023 at 12:00 AM  Count : 208

The National Board of Revenue (NBR) has granted a two-month extension for individual taxpayers to submit their income tax returns, with the revised deadline now set for the end of January next year.

As of Wednesday (November 29), approximately 36 lakh taxpayers out of the total 94 lakh registered individuals have filed their income and expenditure statements for the fiscal year 2022-23. This represents a substantial increase of 38 percent compared to the previous year's figure of 25.9 lakh.

The tax day would be observed on January 31, 2024, for individual taxpayers instead of November 30, 2023, according to an order signed by Mohidul Islam Chowdhury, second secretary tax law at the NBR.

The tax administration considered the extension after trade bodies, including the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), demanded more time since many taxpayers could not take preparations to file tax returns in line with the Income Tax Act-2023.

The previous deadline for the filing of income, expenditure and wealth statements without penalty was November 30.

The FBCCI said it would not be possible for many taxpayers to submit returns by the November 30 deadline due to the prevailing political situation and upcoming elections.

Earlier, the Chittagong Chamber of Commerce and Industry (CCCI) also urged for an extension of the deadline to January 31.

The chamber said that the Income Tax Circular 2023-24 was published late and there was a lack of awareness among taxpayers about the new law, passed in June this year.

A senior official of the NBR said the tax authority considered an extension so taxpayers could file returns in compliance with the new law.

The NBR extended the deadline for income tax return submissions till December 31 last year.

Bangladesh has 94 lakh registered taxpayers. However, the number of return filers remains low.

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