The National Board of Revenue (NBR) today extended the deadline for submitting individual income tax returns by two months, to the end of January next year.
The tax day for individual taxpayers would be held on January 31, 2024, instead of November 30, 2023, according to an order signed by Md Mohidul Islam Chowdhury, second secretary tax law at the NBR.
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and other trade associations demanded an extension of time, as many taxpayers were unable to make the necessary arrangements to file their taxes in accordance with the Income Tax Act of 2023. As a result, the tax administration took this request into consideration.
The previous penalty-free deadline for filing income, expenditure, and wealth statements was November 30.
Due to the current political situation and upcoming elections, the FBCCI said that many taxpayers will be unable to submit reports by the November 30 deadline.
The Chittagong Chamber of Commerce and Industry (CCCI) had asked earlier to extend the deadline to January 31.
The chamber said that the Income Tax Circular 2023-24 was published late and the taxpayers were unaware of the new law, which was passed in June of this year.
According to a senior NBR official, the tax office is considering an extension so that taxpayers can submit returns in accordance with the new law.
Last year, the NBR extended the deadline for filing income tax returns until December 31.
There are 94 lakh registered taxpayers in Bangladesh. However, the number of return filers continues to be low.
According to NBR data, nearly 36 lakh taxpayers filed their income and expenditure statements in 2022-23, a 38 percent increase from 25.9 lakh the previous year.
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