2/20/24, 8:19 PM FBCCI wants two-month extension of income tax return submission deadline for companies | The Business

| The Business Standard

TUESDAY, FEBRUARY 20, 2024

The 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 companies not being able to
file tax returns within the existing deadline

TBS Report
20 February, 2024, 07:40 pm
Last modified: 20 February, 2024, 07:45 pm

The Federation of Bangladesh Chambers of Commerce & Industries (FBCCI)

has sought a two-month extension of the income tax return submission
deadline for companies set to end on 28 February.

https://www.tbsnews.net/nbr/fbcci-wants-two-month-extension-income-tax-return-submission-deadline-companies-796154 1/8
2/20/24, 8:19 PM FBCCI wants two-month extension of income tax return submission deadline for companies | The Business Standard

The country's apex trade body made the request in a letter to the senior secretary of
the Internal Resources Division and the chairman of the National Board of Revenue
today (20 February).

In the letter, the 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 the 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."

Moreover, the letter said it requires a long time to get the Documents Verification
code from the audit firms which results in delay for the companies to get the audit
report.

https://www.tbsnews.net/nbr/fbcci-wants-two-month-extension-income-tax-return-submission-deadline-companies-796154 2/8
2/20/24, 8:19 PM FBCCI wants two-month extension of income tax return submission deadline for companies | The Business Standard

In view of the requests made by various member organisations of the FBCCI, the
trade body feels that at least two more months is required for filing returns of
companies, 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.

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