Economy
NBR Extends Corporate Tax Deadline to Apr 30
The National Board of Revenue (NBR) has extended the deadline for filing corporate tax returns by two months, considering the interest of the public
An order, signed by the Second Secretary of NBR (Tax Law-1) Bapan Chandra Das, was issued in this regard today (27 February).
According to the Income Tax Act-2023, the last day for corporate tax return submission was previously fixed on 28 February.
Citing public interest, NBR has changed the deadline from 28 February to 30 April for fiscal year 2023-24.
The NBR can slap a fine if a company misses a deadline.
Earlier last week, the Federation of Bangladesh Chambers of Commerce & Industries (FBCCI) sought a two-month extension of companies’ income tax return submission deadline.
The country’s apex trade body cited a lack of understanding among businesses about the newly enacted Income Tax Act 2023, the global economic crisis, and the rush to import commodities ahead of Ramadan for not being able to file tax returns within the existing period.
The letter reads, “Businessmen of the country continue to contribute to the overall economic development and prosperity. The new Income Tax Act-2023 has been enacted recently to make the tax system sustainable, modern and people-friendly. There is still no complete understanding among businessmen about the new act.
“Besides, the traders are busy with the import and export of daily necessities ahead of Ramadan amid the adverse global situation, inflation, and dollar. So, there has been a delay in preparing the necessary papers and documents for the audit activities.”
The letter further said it requires a long time to get the documents’ verification code from the audit firms, resulting in delays for the companies to get the audit report.
In view of the requests made by various member organisations of the FBCCI, the trade body feels that at least two more months are required for companies to file their returns, according to the letter.
“In such a situation, it is necessary to extend the deadline for filing company tax returns till 30 April 2024 by continuing the penalty-free and other benefits under Section 334 of the Income Tax Act 2023,” the FBCCI said.
Chief Adviser Prof Muhammad Yunus on Thursday paid tribute to the Armed Forces Division by placing a floral wreath at its headquarters.
Prof Yunus, who visited the division as part of his official duties, laid the wreath to honor the sacrifices and dedication of the members of the Armed Forces.
Following the wreath-laying ceremony, he signed the visitor’s book.
Chief Election Commissioner (CEC) Kazi Habibul Awal, along with four other election commissioners, announced their resignation during a press conference today at the Election Commission (EC) building. The resignation follows growing speculation and pressure.
CEC Awal stated, “In this changed situation, I and other commissioners have decided to step down. We’re handing over our resignation letters to the EC Secretary to send it to the President.” After submitting the letters, the CEC and some commissioners quickly left the premises, with no clear explanation for the absence of two election commissioners.
The resignations come amid increasing unrest tied to the registration of political parties such as Nagarik Oikya and Gono Odhikar Parishad. Sources revealed the CEC felt unsafe due to aggressive behavior from activists, prompting the decision to step down.
Protesters outside the EC building hurled shoes at vehicles carrying Election Commissioners Rashida Sultana, Md Alamgir, and Anisur Rahman as they left. Meanwhile, preparations for their exit had already been underway, with the commissioners reportedly relocating personal belongings from their offices.
The commission, appointed in February 2022 for a five-year term, had previously expressed confusion over demands for their resignation, maintaining they had conducted fair elections. However, internal discussions led to the collective decision to resign earlier than expected.
The government will now purchase LNG from the international spot market through open tender instead of negotiation.
Cabinet Committee on Economic Affairs (CCEA) in a meeting on Wednesday in principle approved a proposal in this regard.
Adviser of the interim government for Finance Dr. Salehuddin Ahmed, who presided over the meeting, said that the government will procure LNG through open tender.
The Energy and Mineral Division of the Ministry of Power, Energy and Mineral Resources placed the proposal where it sought approval to import LNG from 23 listed companies in the international spot market.
The adviser said that though such 23 companies were enlisted by the previous Awami League government and signed Master Sales and Purchase Agreement, they will remain unchanged.
He said that instead of applying the Speedy Increase of Energy and Power Supply (Special) Act 2010, the interim government will follow the Public Procurement Rules 2008 to ensure the competitive bidding process.
“We don’t want to change them as we wanted to import LNG quickly, ensuring proper competition among the suppliers,” he told reporters.
Committee also approved another proposal in principle to sign a contract to import urea fertiliser for the 2024-25 fiscal year from Fertiglobe Distribution Limited, UAE, on a G-to-G basis.
Meanwhile, the Cabinet Committee on Government Procurement (CCGP) in a meeting, presided over by the Adviser for Finance, approved 3 proposals for import of lentil and fertiliser.
As per the proposal, the Trading Corporation of Bangladesh will procure 10,000 metric tons (MT) of lentil from local firm Sahara Enterprise at a cost of Tk 98.20 crore with each kg priced at Tk 98.20.
The Commerce Ministry which moved the proposal on behalf of the TCB in the meeting mentioned in the proposal that the supplier firm was selected through open tender.
The CCGP approved two separate proposals of the Industries Ministry under which Bangladesh Chemical Industries Corporation will import 30,000 MT of bulk granular urea fertiliser from Fertiglobe Distribution Limited, UAE, under state to state contract at a cost of Tk 121.48 crore.
Each metric ton of fertiliser will cost $343.17.
Another 30,000 MT of bagged granular urea fertiliser will be procured from the local Karnaphuli Fertilizer Company Limited (Kafco) at a cost of Tk 116.99 crore with each metric ton costing $330.50.
