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NBR to make tax refund up to Tk 25,000 easier

dailybanglatimes.com
BD Online Desk: National Board of Revenue has decided to make easier the process of cash refund of income tax up to Tk 25,000 to enhance the confidence of taxpayers, who pay small amount of taxes.

The process of giving refund of income tax, paid in excess amount by taxpayers, is now very complex and lengthy which creates scope of harassment of taxpayers, eventually discouraging them to claim refund.

Taxpayers don’t get refund easily while tax officials are in general found reluctant to give cash refund due to procedural complexities and negative attitude of NBR high-ups towards giving refund.

Officials said that a committee of NBR had recommended simplifying the procedures so that taxpayers could easily get back excess tax deposited by them.

The committee recommended that field level tax offices would issue government cheque containing the amount of refund in the name of a taxpayer once he or she would submit application seeking cash refund.

Taxpayer will deposit the cheque to his or her bank account and bank will collect the money, they said.

The process is almost like a one stop service compared with the current highly complex system, they added.
Taxpayers can also adjust the refundable amount with applicable tax in next fiscal year along with claiming refund in cash.
Under the existing system, tax officials issue refund voucher against the taxpayer when he or she applies for a refund.
The taxpayer places the voucher at his or her bank and the bank sends the voucher to Bangladesh Bank for clearance.
Besides, income tax commissioner of the relevant field office also sends an advice note to the central bank requesting to give the refund money against the voucher.
Bangladesh Bank gives the money after examining the authenticity of refund voucher, advice note and signature of taxpayer.
A senior NBR official on Thursday told New Age that the existing process was too complex and lengthy for a taxpayer to get the cash refund.
In most cases, taxpayers face a lot of harassments in collecting the voucher, pushing the tax office to send the advice note to Bangladesh Bank and making the process of central bank speedy, he said.
According to NBR estimate, allowing cash refund up to Tk 25,000 will cover about 98 per cent of total taxpayers, who will get only 2 per cent of total cash refund as they pay small amount of taxes.
More than 98 per cent of the total refund goes to 2 per cent of total taxpayers as they pay big amount of taxes, it found.
‘Simplification of cash refund process for taxpayers who pay small-scale taxes will improve the image of NBR to taxpayers as it will cover most of the taxpayers,’ said the official.
NBR has recently sought opinion of Office of the Controller General of Accountants (CGA) on simplification of accounts and audit process for cash refund, he added.
Initially, CGA office opined that that there was no necessity to change the refund giving process, he said, adding that income tax wing will soon sit with the CGA on the issue.

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