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Record Number of Tax Returns Filed Crossing 30 Lakh

Economic Tag: Vat & Tax

In a remarkable milestone, Bangladesh surpassed 30 lakh tax returns filed in the fiscal year 2022-23, marking the first time this threshold has been crossed. This achievement can be attributed to the National Board of Revenue’s (NBR) proactive efforts to expand the tax net through policy measures and increased taxpayer awareness. By April of this fiscal year, the NBR received 31.7 lakh tax returns, representing a substantial 22% growth compared to the previous fiscal year.

The introduction of a new rule requiring individuals to submit income, expenditure, and wealth statements to access certain services played a significant role in driving this surge. Proof of submission of returns became essential for obtaining loans, credit cards, opening postal savings accounts, and purchasing state-sponsored savings instruments. Tax fairs and mandatory taxpayer identification numbers for higher-earning employees also contributed to improved compliance.

Tax fairs and policy measures, such as the mandatory taxpayer identification number for public and private sector employees earning Tk 16,000 or more, contributed to heightened taxpayer awareness and compliance. However, there is still a long way to go, as the number of tax returns filed accounts for only about one-third of the total taxpayer identification numbers registered.

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