People must now file their income tax forms online, according to a new rule issued by the Bangladeshi government. Income tax returns for 24 services, such as bank loans, deposits, and savings certificates, must now be filed on a mandatory basis. In compliance with this direction, Bangladesh Bank has also released revised policies pertaining to savings certificates, deposits, and loans.

In a circular issued on Sunday, August 3, the central bank informed all scheduled banks that in order to use certain banking services, clients must now show proof that they filed their income tax forms.

Under the new regulations, individuals with a term deposit exceeding 10 lakh taka or those seeking a loan greater than 20 lakh taka are required to present documentation of their income tax return filings to the bank. Furthermore, income tax returns are mandatory for savings certificates valued at over 10 lakh taka. In total, filing returns has been made compulsory for 24 banking services, not limited to just these three.

Previously, the Ministry of Law, Justice and Parliamentary Affairs issued a gazette regarding this matter. The gazette stipulates that individuals engaged in these financial transactions must submit their income tax returns; otherwise, banks, financial institutions, or relevant authorities will not be obligated to provide services.

According to the gazette, if an individual wishes to open or maintain a term deposit exceeding 10 lakh taka, they must provide proof of their income tax return for the applicable fiscal year. The same requirement applies to loans exceeding 20 lakh taka.

Additionally, filing returns has been mandated for several significant activities, including the purchase of large savings certificates, becoming a director or sponsor shareholder of a company, renewing import-export registration certificates, renewing trade or professional licenses, registering land or flats, and obtaining gas and electricity connections.

In addition to this, it will be necessary to file returns for various cases, including drug licenses, environmental clearance certificates, firefighting clearance certificates, survey certificates for trawlers and boats, and even for situations like enrolling a child in school or acquiring a firearms license.

With this initiative to mandate income tax returns, the government aims to broaden the tax base, enhance revenue collection, and promote transparency and accountability in financial dealings.

The gazette indicated that this decision was made in accordance with international agreements regarding the prevention of double taxation, ensuring that domestic regulations align with global standards.

The government anticipates that this new regulation will motivate more citizens to submit income tax returns and raise tax awareness throughout the nation.