As the last day of furnishing income tax and wealth statements falls on week-end holidays, the National Board of Revenue (NBR) has extended the date from December 31 to January 2. It said taxpayers will be able to submit their tax returns until January 2, 2022.
As per previous notice the deadline of submitting tax returns was December 31st which falls on Friday. The next day January 1 is also week-end public holiday. That is why the tax authorities have decided to receive tax returns from individual taxpayers on January 2.
NBR spokesperson Syed A Momen said tax offices will remain closed on January 1 (Saturday) as it is a weekly holiday. The NBR called upon the taxpayers to submit returns within the deadline to avoid penalty for late submission.
As the number of tax returns submission was slow the authorities extended deadline by one month till December 31 from its earlier set deadline of November 30.
The NBR was unable to meet its revenue target, registering a 10 per cent deficit despite achieving 16 per cent growth in the first four months of the running financial year.
According to NBR data, the revenue collection target for the July-October period was Tk881.06 billion but the board's collection fell short by Tk87.53 billion. But the revenue growth during this period was 16.47 per cent higher than the same period of the previous fiscal year.
Deficit in the first three months of the fiscal year up to September was Tk63.43 billion and the year-on-year revenue growth was 16.72 per cent.
Compared to previous fiscal year, in the last four months, customs duty, value-added tax (VAT) and income tax collection grew by 21.31 per cent, 14.26 per cent and 14.12 per cent respectively.
VAT collection was the highest at Tk292.79 billion during the period, followed by customs duty at Tk264.04 billion and income tax at Tk236.69 billion.
