01. Definition
Corporate Tax Return Preparation and Filing refers to the process by which a company assesses its taxable income, calculates applicable tax liabilities, prepares the necessary financial and tax documents, and submits the return to the National Board of Revenue (NBR) in accordance with the Income Tax Act, 2023 of Bangladesh. All registered companies—private limited, public limited, and foreign companies operating in Bangladesh—are obligated to file an annual income tax return irrespective of their profitability status.
02. Why Corporate Tax Filing is Important
Ensuring Legal Compliance and Business Sustainability
Corporate tax return filing is not merely a statutory requirement but a crucial part of responsible corporate governance. Non-compliance can lead to penalties, disqualification from future tenders, or even disruption of business operations. Here are the key purposes and benefits:
- Legal Compliance: It is mandatory for companies to submit annual tax returns by the due date (generally by the 15th day of the seventh month following the end of the income year or by September 15th for companies having an income year ending on June 30).
- Avoidance of Penalties: Late or incorrect filings can attract monetary penalties and interest from NBR.
- Eligibility for Government Contracts: A valid Taxpayer Identification Number (TIN) and up-to-date return filing are prerequisites for participating in government tenders or obtaining licenses.
- Financial Transparency: Filing taxes reflects sound accounting practices and builds stakeholder confidence.
- Facilitating Audit and Banking Processes: Updated tax returns are often required by banks for loan approvals and during statutory audits.
03. Required Documents for Corporate Tax Filing
- Updated Trade License
- TIN Certificate
- VAT Registration Certificate (if applicable)
- Certificate of Incorporation (RJSC)
- Memorandum and Articles of Association
- Financial Statements (Audited)
- Bank Statements for the relevant financial year
- Salary and Allowance Details
- Fixed Asset Register
- Details of Directors’ Remuneration and Benefits
- Tax Deducted at Source (TDS) challans and documents
- Investment and Depreciation Schedules
- Loan and Liability Schedules
- Proof of Advance or Adjusted Tax Payments (if any)
- Previous year’s return acknowledgment and assessment order (if applicable)
04. Process Followed by E-Lawyers to Ensure Efficient Corporate Tax Services
- Initial Consultation and Checklist Sharing
- Collection and Review of Relevant Financial Documents
- Identification of Tax Savings Opportunities and Compliance Gaps
- Coordination with Auditors for Updated Financials
- Preparation of Draft Return for Client Review
- Calculation and Verification of Tax Liability
- Online Filing through the NBR e-return system
- Submission of Supporting Schedules and Compliance Certificates
- Assistance in Challan Preparation and Payment of Tax
- Providing Return Acknowledgment and Ongoing Support for NBR Queries
05. Conclusion
Ensuring a Smooth and Compliant Tax Journey
Corporate tax return preparation and filing in Bangladesh is not just an administrative task—it’s a fundamental element of a company’s financial accountability. With constantly evolving tax laws under the Income Tax Act 2023, it is crucial for businesses to rely on experienced professionals. E-Lawyers, with its specialized team and strong track record, ensures that your company’s tax obligations are met accurately and efficiently, allowing you to focus on your core business goals.
