Staff Correspondent
\nThe Institute of Cost and Management Accountants of Bangladesh (ICMAB) has proposed exempting individuals who have a Tax Identification Number (TIN) but no taxable income from the obligation of filing annual tax returns.
\nThe proposal was made by the institute of accountants during the pre-budget discussion organised by the National Board of Revenue (NBR) at the Revenue Building in Agargaon, Dhaka, on Thursday (16 February).
\nCurrently it is mandatory for all TN holders to submit tax returns. However, out of the total 86 lakh TIN holders in the country, only 30 lakh filed income tax returns last year.
\nAbdur Rahman Khan, president of ICMAB said, many do not have taxable income but have to submit returns. The government does not get any money from this, but it creates hassle for the individuals, he added.
\n“A 90-year-old person, maybe with no income, he may even be unable to see where to sign. It’s a hassle for them. It just creates a lot of paperwork,” he said.
\nTo ensure return submission from TIN holders, the government has made proof of return submission mandatory for availing 38 types of services.
\nOn behalf of ICMAB, it is also proposed to withdraw the existing 2% source tax in the supply stage of daily essential agricultural products including rice, wheat, potato, and onion.
\nBesides, the Institute of Chartered Secretaries of Bangladesh (ICSB) has proposed to increase the limit of tax free income from existing Tk3 lakh 50 thousand to Tk7 lakh.
\nReferring to reforms, the NBR chairman said, “Introducing a lot of changes suddenly can lead to resistance. There is also the matter of developing our capacity. But there is no alternative to automation.”
\nNBR Chairman Abu Hena Md Rahmatul Muneem presided over the meeting. At this time, representatives of other organisations of accountants and tax professionals’ gave speeches.<\/p>\n","protected":false},"excerpt":{"rendered":"
Staff Correspondent The Institute of Cost and Management Accountants of Bangladesh (ICMAB) has proposed exempting individuals who have a Tax Identification Number (TIN) but no taxable income from the obligation of filing annual tax returns. The proposal was made by the institute of accountants during the pre-budget discussion organised by the National Board of Revenue (NBR) at the Revenue Building in Agargaon, Dhaka, on Thursday (16 February). Currently it is mandatory for all TN holders to submit tax returns. However, out of the total 86 lakh TIN holders in the<\/p>\n","protected":false},"author":1,"featured_media":152,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"limit_modified_date":"","last_modified_date":"","rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9],"tags":[],"class_list":["post-151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/dailyenglishtimes.com\/index.php?rest_route=\/wp\/v2\/posts\/151","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyenglishtimes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyenglishtimes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyenglishtimes.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyenglishtimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=151"}],"version-history":[{"count":1,"href":"https:\/\/dailyenglishtimes.com\/index.php?rest_route=\/wp\/v2\/posts\/151\/revisions"}],"predecessor-version":[{"id":153,"href":"https:\/\/dailyenglishtimes.com\/index.php?rest_route=\/wp\/v2\/posts\/151\/revisions\/153"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyenglishtimes.com\/index.php?rest_route=\/wp\/v2\/media\/152"}],"wp:attachment":[{"href":"https:\/\/dailyenglishtimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=151"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyenglishtimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=151"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyenglishtimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=151"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}