The National Board of Revenue (NBR) has extended the deadline for filing corporate tax returns by one month in light of the global economic situation and the coronavirus pandemic.
An order, signed by the second secretary of the NBR (Tax Law-1) Mohammad Mohidul Islam Chowdhury, was issued in this regard on Monday.
Earlier, the NBR extended the deadline twice this year to May 15.
In accordance with the Income Tax Ordinance 1984, the last day for filing a corporation tax return is January 15, known as Tax Day. The NBR can impose a fine if a company fails to meet a deadline.
On condition of anonymity, NBR officials said the decision was made after several organisations, including the Institute of Chartered Accountants of Bangladesh (ICAB), requested an extension of time.
According to BNR officials, the Document Verification System (DVS) will encourage taxpayers to file returns by verifying audited financial reports.
The Document Verification System (DVS) is one of ICAB’s initiatives to discipline financial management and increase corporate tax collection.
At present, the total number of registered companies stands at around 1,680,000.
Of these, 24,661 companies filed declarations until April 30, 2022, compared to 19,939 until April 30, 2021.
Previously, the deadline for filing personal income tax returns was extended from November 30 to January 2 of the 2021-22 fiscal year.
Similarly, the deadline for filing individual income tax returns for the 2020-21 fiscal year has been extended from November 30 to December 31, 2020.