NBR field offices asked to deposit tax receipts in 24 hours

Staff Correspondent | Published: 23:12, Jul 31,2017 | Updated: 00:01, Aug 01,2017

 
 

The National Board of Revenue has asked its field offices to deposit income tax received through pay orders, bank cheques and other revenue payment instruments to the government treasury within 24 hours after receiving those from taxpayers.
Officials said that income tax wing of the NBR has recently made the instruction to expedite supply of tax money to the government exchequer as well as reduce the existing inconsistency in revenue collection figures showed by the tax authority and maintained by the government’s accounts office.
They said that a finance ministry committee in June made a recommendation to issue an order to ensure quick deposition of the tax payment instruments like pay order and cheque to the government exchequer and it might be within seven days.
Delay in deposition of tax money to the exchequer created resource scarcity for the government in meeting its regular expenses and affects its interest expenditure.
Earlier in January 2016, the revenue board had made a similar instruction to the tax offices to deposit the instruments within 24 hours or reasonable time but saw very little progress in this regard.
Income tax payers usually pay large amount of taxes through pay order, account payee cheque and demand draft as they can deposit the tax money up to Tk 10,000 thorugh treasury challan.
The government instantly gets the tax money paid through treasury challan while it gets the tax amount paid through pay order or cheques after taxmen deposit those to the Bangladesh Bank or Sonali Bank nominated as the government treasury banks.
In most cases, taxmen at the field keep a significant number of pay orders, cheques and other instruments in their hand months after months to deposit those to the government accounts at a particular month in which field offices face a shortfall in revenue collection.
Officials said that field level taxmen were following the practices to achieve the monthly revenue collection target given by the NBR.
Field offices get the large chunk of income tax in four quarters—September, December, March and June—when taxpayers pay their tax in advance, they said.
The remaining tax comes with income tax returns submitted by the taxpayers between July and November and field offices get some tax in the process of assessment and audit activities, they added.
So, taxmen usually keep some tax payment instruments in hand to avoid failure in meeting monthly target, a field level tax official said.
He said that it also took some time to complete the procedures including preparing treasury challan as taxmen have to do many other regular works including tax assessment.
By this time, field office show the amount as collection to the NBR while CGA office calculates revenue collection once it gets the treasury challan which create difference in revenue figure, he added.  

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