NBR extends deadline to file company tax returns

The National Board of Revenue (NBR) has extended the deadline for filing corporate tax returns by a month considering the global economic situation and the coronavirus pandemic.

An order, signed by the Second Secretary of NBR (Tax Law-1) Mohammad Mohidul Islam Chowdhury, was issued in this regard on Monday.

Earlier, the NBR extended the deadline twice this year till May 15.

According to the Income Tax Ordinance, 1984, the last day for corporate tax return submission is January 15, which is known as the Tax Day. The NBR can slap a fine if a company misses a deadline.

On condition of anonymity, NBR officials said the decision was made after several organizationsAccording to NBR officials, the document verification system (DVS) will encourage taxpayers to file returns by verifying audited financial reports.

The Document Verification System (DVS) is one of the initiatives of ICAB to bring discipline in financial management and increase corporate tax collection.

At present, the total number of registered companies stands around 1,68,000.

Of these, 24,661 companies filed returns till April 30, 2022, which was 19,939 till April 30, 2021.

Earlier, the deadline for filing individual tax returns was extended from November 30 to January 2 in the financial year 2021-22.

Similarly, the deadline for filing individual tax returns for the fiscal year 2020-21 was extended from November 30 to December 31, 2020.