1.35 lakh new e-TINs opened in two months

The number of electronic taxpayers’ identification number holders has been on the rise riding on the government policy measures taken in the budget for the current fiscal year as around 1.35 lakh new taxpayers obtained e-TIN certificates in last two months.
The total number of e-TIN holders in the country now stands at 21.13 lakh, up by 7 per cent from that of 19.79 lakh as of June, 30 this year, according to the statistics of the National Board of Revenue.
The data showed that a total of 1.32 lakh individual taxpayers received e-TINs in July and August while around 3,000 companies and firms registered with the NBR.
The revenue board expects that another 5 lakh people will receive e-TINs by November 30, the last date of filing income tax returns for the current fiscal year of 2016-17, an official of the NBR told New Age on Sunday.
He said that the number of taxpayers was increasing as the NBR tightened the provisions of income tax law related to obtaining e-TINs, filing income tax returns and tax-free expenditure in the budget for the ongoing fiscal year.
The revenue board made obtaining e-TINs mandatory for government employees if they receive monthly payment above Tk 16,000 as basic salary.
Employees engaged in management, administrative function or in supervisory position in the production function of a private company will also have to receive e-TINs. Only workers in manufacturing units are exempted from obtaining e-TINs.
In addition, companies will have to ensure that their employees have received e-TIN before making payment to employees who are required to obtain e-TIN, according to the budgetary measures of the NBR.
Otherwise, the taxmen will not count the salary payment as allowable expense of the company and income tax will be applicable on that amount, it said adding that a company would also have to submit a list of employees with e-TINs.
‘All these measures are being reflected in the e-TIN statistics,’ an official involved with the e-TIN registration said.
He said that a significant number of government employees as well as private job holders would come under tax net in coming days.
The government has also intensified its efforts to increase the number of pay-roll taxpayers, he added.
According to the NBR statistics, the number of individual e-TIN holders reached to 20.20 lakh till September 4 which was 18.89 lakh on June 30.
Till now, a total of 93,000 companies and firms obtained e-TINs, up by 3,000 from that of June, 30.
Of individual taxpayers, some 10.16 lakh received new e-TINs after the revenue board introduced online e-TIN registration system in July 2013.
The remaining 10.04 lakh old taxpayers replaced their previous TINs by e-TINs.

News courtesy: www.newagebd.net