Bangladesh: NBR extends tax return submission deadline amid challenges of new tax Act implementation

On 29 November 2023, the National Board of Revenue (NBR) officially notified an extension of the deadline for submitting individual income tax returns and corporate tax returns for the assessment year (AY) 2023-2024.

As per Notification No. 08.01.0000., the NBR stated that the deadline for individual taxpayers to submit their annual income tax returns has been postponed to 31 January 2024 (generally deadline 30 November). Similarly, company taxpayers, who were initially expected to file by 15 January 2024, now have until 28 February 2024 to submit their tax return.

In the current fiscal year 2023-24, the National Board of Revenue (NBR) had initially aimed to receive 4 million tax returns in the country. However, the implementation of the new Income Tax Act 2023 has posed challenges, resulting in only half of the targeted returns being filed thus far.

Acknowledging the difficulties faced by taxpayers and responding to applications from various stakeholders, including the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the Dhaka Taxes Bar Association, the NBR has granted an extension. This decision allows taxpayers additional time to navigate the changes brought about by the new tax legislation, ensuring a more manageable and equitable submission process.

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