The number of income tax returns for the current fiscal year of 2013-14 that the National Board of Revenue received by the deadline of December 31 fell by 1 lakh or 10.5 per cent compared with that of last year, officials of the revenue board said on Wednesday.
They said that economic slowdown and ongoing political unrest were the main reasons for falling number of taxpayers in the current fiscal year.
According to NBR statistics, only around 8.5 lakh taxpayers filed their income tax returns within the extended deadline that expired on December 31.
Revenue collection on the basis of returns submission also declined by Tk 500 crore as the revenue board collected Tk 1,600 crore in revenues from the taxpayers along with the returns, the NBR data showed.
In FY 2012-13, the NBR collected Tk 2,100 crore in revenues from the taxpayers who submitted their returns.
The revenue board could not attract taxpayers at expected level even after extending the deadline for returns submission thrice.
The regular income tax submission period had ended on September 30 and then the NBR extended the deadline till December 31.
‘Ongoing volatile economic condition caused by political unrest, particularly non-stop blockades, hartals, vandalism and arson attacks on vehicles severely affected the taxpayers and that caused lower response in returns submission,’ a senior NBR official told New Age on Wednesday.
Many taxpayers, mainly small and medium businessmen, lost their ability to pay tax because of volatile economic condition, he said.
He said that of the total taxpayers, 1.32 lakh submitted their returns at the weeklong nationwide income tax fairs held in September.
He, however, said that the number of income tax payers would increase after settlement of time petition submitted by the taxpayers to the deputy commissioners of taxes and joint commissioners of taxes.
Around 1.6 lakh taxpayers filed time petition to the DCT and JCT, they said, adding that DCT, and JCT each can give three months to the taxpayers for filing tax returns.
If all the time petitioners submit their income tax returns, the total taxpayers would be more than that of last year.
In last year, only 10,000 taxpayers sought time for filing their returns.
-With New Age input
