October 30 to be observed as Tax Day

Aiming to bring a breakthrough in the tax compliance culture, the government has proposed to observe "Tax Day". 

"I propose a fixed deadline for return filing which will be called 'Tax Day'. October 30 each year shall be the 'Tax Day' for all taxpayers, other than companies," said finance minister A M A Muhith while placing national budget in the Jatiyo Sangsad today. 

"If October 30 is a public holiday, the next working day will be the Tax Day," he said. 

Mentioning that across the world, the last date of return submission has been maintained strictly, Muhith opined, "We hope that the introduction of the Tax Day will bring a breakthrough in the tax compliance culture of Bangladesh." 

Currently, other-than-company, taxpayers have to submit tax return by 30 September. However, every year NBR extends the last date of return submission upon request from the taxpayers. 

There are instances of extending the return submission date more than once. As a result, the taxpayers remain in a preoccupation that the tax return submission date will be extended, and they are lax to submit return in time. It is not only deferring the tax collection and assessment process, but also gradually making the rule of law ineffective, observed the finance minister.

Source: BSS.