August 10, 2022, 4:13 am

Staff Correspondent

2022-06-10 16:38:17 BdST

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 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 bill of entry for import into or export from Bangladesh would also require a proof of 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.

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