Tax return must to get license of medical centre
Staff Reporter :
The National Board of Revenue (NBR) is set to make proof of tax return submission mandatory for establishing hospitals, clinics, and diagnostic centers in the upcoming fiscal year (2024-25).
This move, part of the new tax law, aims to expand the tax net and cultivate a tax culture among the population.
Officials from the revenue board noted that while the initiative will have a significant impact on tax collection, it is necessary to meet the demands of international bodies like the International Monetary Fund (IMF), which emphasize increasing direct tax revenue.
An anonymous official stated to The New Nation, “Besides, there is a pressure of International Monetary Fund (IMF) for increasing direct tax. So, we have no option to increase the tax net. However, NBR will not any actions that put pressure on common people.”
In the past two fiscal years, the NBR has already made proof of submission of return (PSR) mandatory for 43 government and private services, resulting in a notable increase in Tax Identification Numbers (TINs) and tax return submissions.
The current fiscal year has seen 39,95,615 tax returns submitted, up from around 30.28 lakh in the previous fiscal year (2022-23) and 25,64,215 in the fiscal year before that (2021-22).
To achieve its revenue collection target from direct tax of Tk 4,95,700 crore over the next three years, the NBR has introduced various initiatives such as E-payment, E-return filing, E-TDS, document verification system, and e-office management system. These measures have been instrumental in increasing tax collection.
Dr. Ahsan H Mansur, Executive Director of the Policy Research Institute (PRI), praised the NBR’s initiative, stating, “There is a tax evasion culture among the individual taxpayers and businesses. So, tax compliance will increase among them due to the incorporation of such provision.”
Overall, this move by the NBR is seen as a positive step towards enhancing tax compliance and expanding the tax base, aligning with international standards and financial obligations. Tax return must to get license of medical centre.
