Tax return filings rise 4.11%, but revenue collection declines
Country’s 1.2 crore taxpayer identification number (TIN) holders still fail to comply with the mandatory filing requirement
Despite three deadline extensions to facilitate taxpayers facing economic challenges, only 3,986,823 taxpayers filed their income tax returns for the 2023-24 tax year, according to the National Board of Revenue (NBR).
While the number of returns filed has increased by 4.11% compared to the previous year, revenue collection has declined by 1.53%.
The tax authority noted that although the number of personal income tax return submissions have risen compared to the previous year, a significant portion of the country's 1.2 crore taxpayer identification number (TIN) holders still fail to comply with the mandatory filing requirement.
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Sunday marked the final extended deadline for submitting income tax returns for the 2024-25 tax year but authorities confirmed that taxpayers could still submit returns throughout the year with an additional 2% monthly surcharge.
Under current tax laws, the standard deadline for individual tax return submissions is 30 November. However, the NBR has the discretion to extend this by one month.
Additionally, in times of crisis, such as the pandemic, the government may further extend the deadline if necessary.
This year, due to student-led protests and the ouster of the Awami League government, tax return submissions did not meet expectations, prompting the deadline to be extended three times.
The final extension allowed submissions until Sunday, following a previous extension until 31st January.
Between July 2024 and 16 February 2025, the NBR has collected a total of Tk6,244.96 crore, with Tk158.09 crore generated through online tax submissions.
