Tax return a must to get 50 types of services

[bluesky]

Tax return a must to get 50 types of services

People would not be able to avail nearly 50 types of services unless they submit tax returns to the government every year, according to the proposed finance bill-2022. Bank transaction would be frozen or suspended in case of absence of tax return slip, tax officials said. Also, obtaining and co

thefinancialexpress.com.bd

Tax return a must to get 50 types of services​

FE REPORT | Published: June 10, 2022 10:54:41 | Updated: June 10, 2022 15:22:54

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Illustrative image

People would not be able to avail nearly 50 types of services unless they submit tax returns to the government every year, according to the proposed finance bill-2022.

Bank transaction would be frozen or suspended in case of absence of tax return slip, tax officials said. Also, obtaining and continuation of electricity connections would require proof of return.

Opening and continuing of bank accounts of any sorts with credit balance above Tk 1.0 million would require proof of tax return submission, according to the Finance Bill.

The government incorporated a provision requiring a proof that the return submitted is to obtain and maintain a credit card and to open postal saving accounts exceeding Tk 0.5 million. Corporate taxpayers have to display the proof of submission of return on their premises.

Currently, submission of Taxpayers Identification Number (TIN) is mandatory to avail a number of services. All the services along with nearly a dozen more have been incorporated making the proof of return submission mandatory in the proposed finance bill.

Proof of tax returns would also be required for applying for loans above Tk 0.5 million from a bank or financial institution, admission of a child or a dependent in an English medium school.

Authenticity of the tax return slip would be verified by the service providers by entering the integrated system of the National Board of Revenue (NBR).

Submission of the bill of entry for import into or export from Bangladesh would also require proof of tax return submission.

A senior official of NBR said the measure was taken to increase the number of return submissions as only less than 2.4 million out of 75 million TIN holders submit tax returns.

Tax experts, however, feared withdrawal of bank deposits and unnecessary hassle to the marginal group of people to comply with this provision.

doulot_akter@yahoo.com

 

[BananaRepublicUK]

Tax return a must to get 50 types of services

People would not be able to avail nearly 50 types of services unless they submit tax returns to the government every year, according to the proposed finance bill-2022. Bank transaction would be frozen or suspended in case of absence of tax return slip, tax officials said. Also, obtaining and co

thefinancialexpress.com.bd

Tax return a must to get 50 types of services​

FE REPORT | Published: June 10, 2022 10:54:41 | Updated: June 10, 2022 15:22:54

---

Illustrative image

People would not be able to avail nearly 50 types of services unless they submit tax returns to the government every year, according to the proposed finance bill-2022.

Bank transaction would be frozen or suspended in case of absence of tax return slip, tax officials said. Also, obtaining and continuation of electricity connections would require proof of return.

Opening and continuing of bank accounts of any sorts with credit balance above Tk 1.0 million would require proof of tax return submission, according to the Finance Bill.

The government incorporated a provision requiring a proof that the return submitted is to obtain and maintain a credit card and to open postal saving accounts exceeding Tk 0.5 million. Corporate taxpayers have to display the proof of submission of return on their premises.

Currently, submission of Taxpayers Identification Number (TIN) is mandatory to avail a number of services. All the services along with nearly a dozen more have been incorporated making the proof of return submission mandatory in the proposed finance bill.

Proof of tax returns would also be required for applying for loans above Tk 0.5 million from a bank or financial institution, admission of a child or a dependent in an English medium school.

Authenticity of the tax return slip would be verified by the service providers by entering the integrated system of the National Board of Revenue (NBR).

Submission of the bill of entry for import into or export from Bangladesh would also require proof of tax return submission.

A senior official of NBR said the measure was taken to increase the number of return submissions as only less than 2.4 million out of 75 million TIN holders submit tax returns.

Tax experts, however, feared withdrawal of bank deposits and unnecessary hassle to the marginal group of people to comply with this provision.

doulot_akter@yahoo.com

Tax revenues in Bangladesh must never exceed 10-15 per cent.

Keep evading taxes Bangladeshis.

Only way you can control the government - especially one that does not have any oversight and is corrupt.

Dhakaya “talking heads” want to increase tax revenues to suck in even more money into Dhaka.

How many Dhakaya talking heads have degrees from an elite university?

I have seen some of these talking heads in NY working as cabbies - after getting visa through family tree.

Bangladesh must remain an ultra low tax and ultra low reg country until GDP hits 12000 dollars.

 

[bluesky]

ব্যাংকে ৫ কোটি থাকলেই ৫০ হাজার টাকা কর

ব্যাংকে ৫ কোটি টাকা জমা হলেই কর দিতে হবে বেশি। ২০২২-২৩ অর্থবছরের বাজেটে এই প্রস্তাব করা হয়েছে। প্রস্তাবনা অনুযায়ী কোনো ব্যক্তির ব্যাংক হিসাবে ৫ কোটি টাকা...

www.ittefaq.com.bd

 

[BananaRepublicUK]

ব্যাংকে ৫ কোটি থাকলেই ৫০ হাজার টাকা কর

ব্যাংকে ৫ কোটি টাকা জমা হলেই কর দিতে হবে বেশি। ২০২২-২৩ অর্থবছরের বাজেটে এই প্রস্তাব করা হয়েছে। প্রস্তাবনা অনুযায়ী কোনো ব্যক্তির ব্যাংক হিসাবে ৫ কোটি টাকা...

www.ittefaq.com.bd

Yep! That will really help stop money laundering.

 

[bluesky]

Tax return a must to get 50 types of services

It seems people here are not interested in this great news. In fact, it is the greatest news so far and I have started to respect Hasina Bibi.

Most BD people in this Forum are the beneficiaries of the past weak taxation system and I believe they will not support the new laws because they will hurt them.

A country's economy can be made only as strong as its taxation system.

 

[BananaRepublicUK]

It seems people here are not interested in this great news. In fact, it is the greatest news so far and I have started to respect Hasina Bibi.

Most BD people in this Forum are the beneficiaries of the past weak taxation system and I believe they will not support the new laws because they will hurt them.

A country's economy is as strong as its taxation system.

“A country's economy is as strong as its taxation system.”

Hahaha

What socialist claptrap!!!

A country’s economy is as strong as its entrepreneurs!!!

If BD taxation goes above 10-15 per cent it will lose its competitive advantage.

Socialist experiment under Mujib was a failure.

It took THREE Sylheti finance ministers to drag Bangladesh out off the socialist hellhole!

Looks like Bangladesh is never safe with a non Sylheti finance minister!

Maybe toupee wala needs to take a step down to the finance ministry.

 

[Bilal9]

“A country's economy is as strong as its taxation system.”

Hahaha

What socialist claptrap!!!

A country’s economy is as strong as its entrepreneurs!!!

If BD taxation goes above 10-15 per cent it will lose its competitive advantage.

Socialist experiment under Mujib was a failure.

It took THREE Sylheti finance ministers to drag Bangladesh out off the socialist hellhole!

Looks like Bangladesh is never safe with a non Sylheti finance minister!

Maybe toupee wala needs to take a step down to the finance ministry.

Toupee wala happens to be a relative... yet I am his strong critic. Bangladesh is a small place already - let's not sow Sylheti/non-Sylheti division.

 

[BananaRepublicUK]

Toupee wala happens to be a relative... yet I am his strong critic. Bangladesh is a small place already - let's not sow Sylheti/non-Sylheti division.

Just healthy regional rivalry, bro!

Dhakaya chetona mob can have everything.

Just leave the finance ministry to us Sylhetis.

We don’t trust their built in socialist chetona DNA.

 

[V1dranked]

What can I do to increase the sum that I get a tax refund? I do all the financial documentation thoroughly, and I think I have found all the ways to get more refunds. But maybe there are more tips that I can use?
Maybe there is something I can do about the pay stub given to my workers when they receive their salaries? I issue this document for each of them to keep track of how much I pay as salary taxes information so they can use this document as proof of income in banks or other facilities. I always indicate everything, and, thanks to the online maker that I use, the paper looks beautiful and easy to read. But maybe there is something that I do wrong?

 

[mb444]

Tax revenues in Bangladesh must never exceed 10-15 per cent.

Keep evading taxes Bangladeshis.

Only way you can control the government - especially one that does not have any oversight and is corrupt.

Dhakaya “talking heads” want to increase tax revenues to suck in even more money into Dhaka.

How many Dhakaya talking heads have degrees from an elite university?

I have seen some of these talking heads in NY working as cabbies - after getting visa through family tree.

Bangladesh must remain an ultra low tax and ultra low reg country until GDP hits 12000 dollars.

I agree somewhat regarding low taxation and regulation. I would trust the private sector to propel BD forward however tax receipts must rise corruption or otherwise.

GOB has a role to play and it can not fulfil its role with current tax collection.

Balance is the key.

 

[bluesky]

Tax return a must to get 50 types of services

In any sophisticated modern country, it is imperative that a person produces his Tax Return for the last five years to buy a plot of land or house. And this is to get the Bank approval for loan for the house. Usually, the down payment is at least 20%.

How about fast-developing Golden Bangladesh? Does anyone need to produce a Tax Return before purchasing a house? Is it not that our people are allowed to steal money left and right, and have no compulsion to produce papers showing their incomes?

Yet, we claim BD is becoming a highly developed country. It is a boat with a hollow bottom.

 

[Bilal9]

In any sophisticated modern country, it is imperative that a person produces his Tax Return for the last five years to buy a plot of land or house. And this is to get the Bank approval for loan for the house. Usually, the down payment is at least 20%.

How about fast-developing Golden Bangladesh? Does anyone need to produce a Tax Return before purchasing a house? Is it not that our people are allowed to steal money left and right, and have no compulsion to produce papers showing their incomes?

Yet, we claim BD is becoming a highly developed country. It is a boat with a hollow bottom.

Bhai taka to shob benami ghusher taka, hishab chara.

Tax return e dekhabey kemney?

 

[bluesky]

Bhai taka to shob benami ghusher taka, hishab chara.

Tax return e dekhabey kemney?

I know what you mean. But, the govt must start somewhere. I have studied the French and Japanese systems. Both systems ask Tax Returns for the last five years even though about 20% is the down payment for a house.

A bank will not lend you money more than five years of your gross yearly income. Banks know a person cannot pay back the money without certified income.

A country is developed with the aid of many sets of rules and laws. People want BD to develop with bribe money.

We can see the result. A non-developed BD and it is never to develop. I ask all of you to cite just one country that developed but corruption is condoned?

If it is Benami purchase, can that Benami produce tax payment papers? Problem solved if that father-in-law produces the certificates, but certainly, he cannot have bought other properties with the same certificates.