Scrap rule of compulsory tax return submission, says ICMAB

Cost and management accountants today urged the National Board of Revenue (NBR) to scrap the rule of submission of tax return for people who do not have taxable income.

Because of the rule of compulsory tax return, a taxpayer identification number (TIN) holder has to prepare returns, which involves cost, even though he or she does not have taxable income, said the Institute of Cost and Management Accountants of Bangladesh (ICMAB) in its proposed tax measures for the fiscal year 2022-23 submitted at the NBR.

A 90-year-old has to submit return for the law although the person may not have taxable income. It could be that the person cannot even sign for his age-related complications, said ICMAB President Abdur Rahman Khan placing the budget proposal on behalf of the ICMAB at the NBR headquarters.

What is the benefit of using papers unnecessarily, he said at the event chaired by NBR Chairman Abu Hena Md Rahmatul Muneem.

The ICMAB also suggested the tax authority consider giving amnesty that returns of taxpayers up to Tk 25 lakh of wealth would not fall in audit.

This will encourage new taxpayers to furnish returns, he said.