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Only 11% of Companies Paid Taxes in Bangladesh

Economic Tag: Vat & Tax

Only 21,499 out of the approximately 200,000 registered companies in Bangladesh have paid taxes to the National Board of Revenue (NBR) as of March 31 in the current fiscal year 2022-23. This accounts for only 11% of all companies with Taxpayer Identification Numbers (TINs), highlighting a significant gap in tax compliance. To encourage more corporate tax return submissions, the NBR has extended the deadline for tax year 2022-23 until June 15. The deadline extension applies to corporate taxpayers who have applied for additional time, and no fines will be imposed during this period. Data from the NBR reveals that in the previous fiscal year, approximately 11% of registered companies paid their taxes, while the majority evaded tax obligations. Despite an 8.32% growth in revenue collection from income tax, value-added tax, and import duty in the June-March period, the NBR still falls short of its revenue target for the first nine months of FY23 by Tk 29,008 crore.

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