Tk 41b collected as income tax, 2.85m returns submitted

Some 2.85 million individual taxpayers submitted their returns in the current fiscal year 2022-23 where the National Board of Revenue (NBR) collected Tk 41.0 billion as income tax.

Submission of income tax returns this year grew by 23.98 per cent while revenue collection also increased by a healthy 24.96 per cent.

According to data from the National Board of Revenue (NBR), some 22,99,625 returns were submitted in the last fiscal year (FY22), from which the revenue board collected income tax worth Tk 32.81 billion. Currently, there are some 8.20 million TIN holders in the country.

NBR officials said that around 0.25 million individual taxpayers have applied before the revenue board to extend the deadline for submission of income tax returns. If all of them submit their returns finally, then the overall number of income tax returns would cross 3.10 million.

According to the Income Tax Ordinance, November 30 was the last date for submitting income tax returns. But, the deadline was then extended by a month till December 31 and then again till January 1 (due to holidays) to facilitate the return submission process.