Tag Archives: NBR

MNA Business Desk: As the submission of income tax returns was not found to be satisfactory against the total taxpayers identification numbers (TINs) this year, the National Board of Revenue (NBR) has decided to be tough against the errant taxpayers. According to NBR data, only 2.2 million of the 4.6 million TIN-holders submitted tax returns this year. “This is disappointing, and there’s no option but to be tough against the errant TIN holders,” a senior NBR official said. He said a large number of people used to take TINs just to complete their necessary works where its submission is mandatory. ...

MNA Editorial Desk: We are standing at the verge of another budget declaration–budget for the fiscal year 2019-20. This year it is going to be slightly different as a new Finance Minister AHM Mustafa Kamal will present his first budget. People are having huge expectations on this budget as it is expected to be dynamic and goal-oriented. Former Finance Minister AMA Muhith, who has helmed the country’s budget preparation 12 times were criticized on several occasions for not tough and anti-people budget though he had been a great part of the many development initiatives of Prime Minister Sheikh Hasina during ...

MNA Business Desk: The National Board of Revenue (NBR) will find out the TIN (tax-payers’ identification number) holders who are not submitting tax returns despite having taxable income, its chairman said. Mosharraf Hossain Bhuiyan said some people use TIN for different purposes, including for house purchase, but do not submit tax returns. “We will see whether the TIN holders are submitting tax returns,” he said. He made the announcement at a pre-budget meeting on Monday. The NBR chairman, however, said the tax authority will not take any steps that would hurt business. NBR member (income tax policy) Kanon Kumar Roy ...

MNA Business Desk: In view of facilitating the individual taxpayers to file income tax returns, the National Board of Revenue (NBR) has decided to extend the deadline by two more days until December 2. The decision came as November 30, the last day of submitting the tax returns, is Friday, a weekly holiday, and the next day is also a weekly holiday. According to the NBR officials, services offered at the weeklong Income Tax Fair, which ended on November 19, will be available at all field-level offices until December 2 starting from November 22, reported news agency. The NBR arranged ...

MNA Business Desk: The government has taken an initiative to bring infrastructural reforms in the Internal Resources Division (IRD) and create new units at the National Board of Revenue (NBR) to boost revenue collection. According to the IRD of the Finance Ministry, through the reforms in its special functional unit and creating new units under the NBR Income Tax Wing, it will be possible for the government’s revenue collecting body to boost revenue generation by 20 percent, reported news agency. A summary of the proposals has been sent to Finance Minister ABA Muhith and he has given an affirmative response ...

MNA Editorial Desk: Bangladesh Bank, the central bank and apex regulatory body for the country’s monetary and financial system, is turning out to be a mysterious organization day by day. In recent years, this esteemed organization of the country has been under severe question due to its relation to several scams. We have even seen removal of its governor based on some allegations of negligence towards his duty. But still its image is under serious threats due to more and more wrong incidents. Being one of the controlling and regulatory authority of the whole banking and financial sectors of Bangladesh, ...

MNA Editorial Desk: The national budget of Bangladesh for the fiscal year 2018-19 was presented by the finance minister AMA Muhith just a few days ago. Still there are many discussions going on regarding the size of the budget and several changes or provisions of it. One of the most important targets to accumulate the earnings for the expenditures in the proposed budget is by collecting tax revenue from the citizens, a job National Board of Revenue (NBR) is doing with immense precision. It was said that, the government targets to have 10 million registered taxpayers by the fiscal year ...

MNA Business Desk: The National Board of Revenue or NBR has brushed aside as rumours social media posts claiming the government has imposed Value Added Tax (VAT) on the money sent by Bangladeshi expatriates. It clarified in a media release on Wednesday that no such tax has been levied in the budget proposed by Finance Minister AMA Muhith for 2018-19 financial year.  “This is utterly false and nothing but rumour. The NBR thinks the propaganda aims at stopping the flow of remittance through legal channels and encouraging the expatriates to use Hundi,” the release says. Money sent by the expatriates ...

MNA Business Desk: Claiming the VAT on online marketing a print mistake, National Board of Revenue (NBR) chairman Md Mosharraf Hossain Bhuiyan on Friday said no VAT will be imposed on online shopping. He made the comment at a post-budget news conference held at Osmani auditorium in Dhaka. NBR chief said five percent VAT on online shopping will not be implemented. Social media including Facebook, Google have to pay as per the income, he added. Prime Minister’s Finance Advisor Mashiur Rahman, Finance Minister Abul Maal Abdul Muhith, Information Minister Hasanul Haq Inu, Agriculture Minister Matia Chowdhury, State Minister of Finance ...

MNA Business Desk: National Board of Revenue (NBR) will organise Halkhata Day marking Pahela Baishakh, the first day of Bengali New Year, reported news agency. “As April 14 is a public holiday, the NBR will begin its Bengali New Year celebration programme the next day (April 15),” NBR Chairman Mosharraf Hossain Bhuiyan told journalists at his office Tuesday. NBR is going to organize ‘Halkhata Day’ for the second time as it first observed day last year on the occasion of ‘Choitra Sangkranti’, a day before the first day of Bengali New Year. Like last year, the NBR will consider offering ...

MNA Business Desk: All scheduled banks will remain open till 8:00pm on Wednesday and Thursday to facilitate the tax return activities of customers. The Bangladesh Bank took the decision on Tuesday following a plea from the National Board of Revenue (NBR). According to the central bank’s gazette notification, all banks were asked to remain open so that customers can deposit their pay orders, demand note and complete tax returns. The deadline for paying tax returns in individual category will be ended on Thursday. As per the bank ordinance, those who will fail to submit the tax return within 10:00pm on ...

MNA Business Desk: Grameenphone received the tax card as the top taxpayer of the year in the telecom sector for fiscal 2017-18. National Board of Revenue (NBR) at its office arranged a programme presided by Nojibur Rahman, chairman of National Board of Revenue, to honour the highest taxpayers in different sectors on 8 November. The tax cards were issued to Grameenphone CEO, Michael Foley and its CFO, Karl Erik Broten while the company also bagged a crest in this regard. Head of corporate tax management unit Md Mohsin received the crest on behalf of its CEO from state minister of ...

MNA Business Desk: The National Board of Revenue (NBR) is going to introduce ‘VAT Honour Card’ to encourage people to pay Value Added Tax (VAT). “We’ll give VAT payers this card during the VAT Week from 10 to 17 December across the country,” said NBR chairman Md Nojibur Rahman to media. The NBR held the dialogue with members of Economic Reporters’ Forum (ERF) at the office of its VAT Online Project at Kakrail. The NBR chief said income tax card created huge enthusiasm among taxpayers during the ‘Income Tax Fair’ held from 1 to 7 November. The NBR has decided ...

MNA Business Desk: The National Board of Revenue (NBR) has extended the timings of Income Tax Fair by three hours for the next three days for the convenience of the taxpayers in the capital. “The time of the fair has been extended to 8:00pm instead of 5:00pm. This schedule will follow for the next three days only in Dhaka,” according to a release from NBR. Meanwhile, some 194,331 persons have taken services from the 4th day of the fair. Out of the total number, 53,625 persons have submitted their income tax return which is Tk 216.66 crore. The fair was ...

MNA Business Desk: Dhaka Chamber of Commerce and Industry (DCC) on Monday called for reducing VAT to 7 percent from the existing 15 percent and raising non-taxable income ceiling to Tk 3.5 lakh from Tk 2.5 lakh. A DCCI delegation, led by its president Abul Kasem Khan, placed its 49 proposals before National Board of Revenue (NBR) chairman Md Nojibur Rahman at a pre-budget discussion held at the NBR office, reported news agency. The trade body proposed the NBR to introduce smart tax and smart VAT cards. The DCCI president said VAT exemption on internet use will help materialize the ...

MNA Business Desk: The number of total e-TIN (electronic Tax Identification Number) holders in the country has stood at 27 lakh. “NBR has registered a total of 27 lakh e-TINs till February 1 this year, which is a record in NBR’s lifetime,” National Board of Revenue (NBR) chairman Md Nojibur Rahman told news agency. “It is really a milestone. We have a target of bringing three lakh fresh people under tax net in the current fiscal year and NBR have already achieved this target,” he added. He said NBR is hopeful of increasing the number of e-TIN holders to 30 ...

MNA Business Desk: The cabinet of Bangladesh on Monday permitted the draft of “The National Tax Card Policy, 2010 (Amendment)” proliferating the number of national tax cards to 125 from existing 20. Mohammad Shafiul Alam, cabinet secretary said, “The new policy has proposed to raise the number of national tax cards to 125 from existing 20,” after the weekly cabinet meeting. He also said that the tax cards would be given to the highest individual and company taxpayers. Prime minister Sheikh Hasina chaired the meeting at Bangladesh Secretariat. Under the present policy, a total of 20 highest tax payers –10 ...

MNA Business Desk: Reportedly, NBR starts its first money laundering case. CIID (The Customs Intelligence and Investigation Directorate) has started a case in contradiction of a clothing trader condemning him of smuggling out of the country Tk. 1 billion under the guise of exporting readymade garments. Moinul Khan, CIID Director General told that, this is first such claim filed under the Money Laundering Prevention Act under the jurisdiction of the National Bureau of Revenue (NBR). The money laundering cases used to be under the jurisdiction of the Anti-Corruption Commission. But succeeding an amendment to the law, the NBR was given the ...