Bigger the tax net, lower will be tax rate: NBR Chairman

The tax rate can be reduced as much if the tax net grows in the country, National Board of Revenue (NBR) Chairman Abu Hena Md Rahmatul Munim said today.

"The NBR has been working to increase the tax net as a part of which we are now providing online return service," he said on the occasion of National Income Tax Day.

NBR on Tuesday organised a seminar on "Role of Income Tax in Implementation of Vision and Building of Future Bangladesh" in the meeting hall of NBR Building at Segunbagicha in the capital, attended by Law Minister Anisul Huq as the chief guest.

"It is a great achievement for us that more than 90% of the development projects in the country at present are being financed from our national revenue collection," said the NBR chairman.

He added that the organisation has taken up an automation facility as a part of expanding the tax net plan.

"The biggest inconvenience of paying tax was being present in person, thus, online tax return service has been launched."

"We have reduced the tax rate by a decent number to encourage more people to pay tax," he said while adding that the rate can be reduced further depending on the expansion of the tax net in the country.

Tuesday marks the National Income Tax Day 2021. This year, the theme for the day is "Implementation of Mujib Year's pledge by ensuring spontaneous participation of taxpayers in paying taxes".

Reportedly, the number of registered taxpayers has increased by six folds in the last decade. The number of TIN-holders in the country was 6,840,000 till October.

The day has been observed across the country since 2008. Earlier it was celebrated on 15 September every year.

However, since 2016, the day is observed on 30 November.

The date is also the last day for filing income tax returns.