Govt to introduce Oct 30 as Tax Day

Finance Minister AMA Muhith today proposed to set October 30 as the official ‘Tax Day’ changing it from September 30.

From this fiscal year, taxpayers other than companies must submit tax returns by October 30, also to be known as ‘Tax Day’.

If 30 October is a public holiday, the next working day will be the ‘Tax Day’, the minister said in his budget speech today.

Muhith observed that the taxpayers remain in a preoccupation that the tax return submission date will be extended since the NRB extends the last date of tax return submission each year.

This lax to submit tax returns in time is not only deferring the tax collection and assessment process, but also gradually making the rule of law ineffective, Muhith said.

“We hope that the introduction of the Tax Day will bring a breakthrough in the tax compliance culture of Bangladesh,” the minister said.

Other proposals regarding tax compliance and combating tax evasion include: Compulsory return submission by all co-operative societies, taxpayers enjoying tax-holiday benefits, taxpayers with reduced-rate tax benefits, all shareholder directors or shareholder employees of companies, all members of the board of directors of companies and group of companies, all partners of firms, and all employees of government, non-government, semi-government and autonomous bodies with monthly basic pay of Tk 16,000 or higher; Withdrawal of benefits of a taxpayer enjoying tax exemption or reduced tax rate for the assessment year for which the return of income was not filed.