In a proactive move, the National Board of Revenue (NBR) is set to launch a targeted drive aimed at identifying and ensuring compliance from house owners who have yet to file income tax returns. The announcement came during a pre-budget discussion organized by NBR on Thursday, led by Chairman Abu Hena Md Rahmatul Muneem.
Chairman Muneem emphasized the significance of enforcing the provision mandating income tax return submissions by house owners, which has been in effect for two years. He outlined plans for a streamlined process to facilitate tax payments, not just return filings, signaling a concerted effort to boost tax compliance in this sector.
During the event, the e-Commerce Association of Bangladesh (e-Cab) proposed the elimination of the requirement to collect proof of income tax return submissions from house owners. This proposal adds to the ongoing dialogue about optimizing tax-related processes.
Additionally, various associations, including the Bangladesh Jewellers Association (Bajus), presented their budget proposals for the fiscal year 2024-25. Bajus advocated for several measures, including a reduction in VAT on the sale of jewellery items.
Responding to the proposals, Chairman Muneem acknowledged the NBR’s initiatives to stimulate legal gold imports through duty reductions. Despite these efforts, concerns were raised about the local production of gold ornaments outpacing legal imports.
The forthcoming special drive signifies the NBR’s commitment to enhancing tax compliance, ensuring a fair and transparent tax system, and promoting responsible fiscal practices. Stay tuned for updates on the NBR’s initiatives to strengthen the tax landscape.
