Government considers taxing bank transactions

❐ Staff Reporter

National Board of Revenue (NBR) Chairman Abdur Rahman Khan has said that work is underway on the possibility of imposing a tax on bank transactions.

He made this information at a pre-budget exchange meeting organized by the divisional administration at the Chittagong Circuit House on Thursday morning, April 9.

He said the government is considering imposing taxes on extremely wealthy individuals and inherited wealth. At the same time, the NBR is also working on whether it is possible to impose taxes on bank transactions.

The NBR Chairman also mentioned that achieving the government’s set revenue targets is not possible for the NBR alone.

In this regard, all government institutions must work in a coordinated manner. In particular, city corporations and municipalities must play a more active role in tax collection. Various initiatives are already being taken to make the tax system more transparent and effective.

He said that in the future, there are plans to bring the tax system under complete digitalization. This will reduce complaints and taxpayers will not have to go directly to customs, VAT or bond offices.

After taxpayers submit their returns, if the verification is correct, the refund due will be automatically deposited into their bank account.