Online corporate income tax return coming soon

0

The National Board of Revenue (NBR) is set to digitize corporate tax filing to ease the burden on businesses paying taxes.

Officials say that starting in the 2023-24 fiscal year, the electronic business filing system is intended to reduce the time and cost of submitting tax returns, which will attract more potential taxpayers.

The income tax wing of the BNR formed a study team on Wednesday to do the preparatory work for the introduction of the “electronic declaration of companies”.

It will be put into practice after having framed the design of the system, the business process and the possible steps to launch the system.

A senior tax official said the system will be integrated with the Document Verification System (DVS) on financial reporting so that taxpayers can access it in full range.

The NBR formed the nine-member study team of senior income tax officials to recommend electronic corporate filing arrangements.

Currently, some 30,000 corporate taxpayers submit tax returns to the tax offices out of 167,000 holders of a corporate tax identification number.

The tax official said the study team would begin consultations with corporate taxpayers on electronic filing for them.

Currently, corporate taxpayers must manually submit 26 types of documents to the tax department.

Submitting corporate tax returns involves both cost and time, which is one of the main reasons why Bangladesh lags behind in tax payment indicators in global rankings.

The income tax official said software will be developed by tax officials for businesses, such as electronic filing software for individual taxpayers.

Following an impressive response from individual taxpayers on e-filing, the BNR has moved ahead with the automation of corporate tax filings, the official also said.

During the current fiscal year, the BNR introduced an online tax declaration system for individual taxpayers.

Tax officials say personal and corporate tax returns will gradually be paperless to reduce the hassle faced by taxpayers.

The deadline for filing corporate income tax returns for this year expires on June 15, 2022, as the BNR has extended the deadline for taxpayers to submit audited financial statements audited by the DVS.

Share.

Comments are closed.