NBR offers 5pc tax rebate for returns filed by Sept

Taxpayers filing income tax returns by September will get a five percent rebate, the National Board of Revenue (NBR) has announced.

Under the new rules, returns filed between July and September, the first quarter of the fiscal year, will earn a rebate of five percent of the payable tax or Tk 25,000, whichever is lower.

A taxpayer owing Tk 100,000 in tax will pay Tk 95,000 after the rebate. One owing Tk 50,000 will get a discount of Tk 2,500.

Returns filed between October and December will attract neither rebate nor penalty. Taxpayers will pay the full amount due.

Late filers between January and March will face a penalty of two percent of payable tax or Tk 3,000, whichever is higher, capped at Tk 3,000.

Those filing between April and June will pay a penalty of five percent of payable tax or Tk 5,000, whichever is higher, capped at Tk 5,000.

More than 12.5 million people hold Taxpayer Identification Numbers (TIN) in the country. Over 4.5 million taxpayers filed returns online last fiscal year, NBR data show.

Returns can be submitted year-round through the NBR’s e-return portal by entering details of annual income, investment, expenditure, assets and liabilities.

Tax can be paid through bank transfer, debit or credit cards, and mobile financial services including bKash, Rocket and Nagad. An acknowledgement receipt and tax certificate are issued on submission.