The Chairman of the National Board of Revenue (NBR), Badiur Rahman, Tuesday urged the taxmen not to ask a tax payer the source while declaring the untaxed money in the next two months.
The NBR has offered an opportunity to declare undisclosed income by paying 5.0 per cent in addition to normal rate of tax over the period of the next two months starting from today (Tuesday).
The board Monday issued a statutory regulatory order (SRO) in this connection.
According to the SRO, the government will not take any punitive action, except for 5.0 per cent penalty, against the holders of undisclosed money if he or she files tax return by July 31 next.
Referring to the SRO, the NBR chairman said: "Those taxpayers will not be entitled to enjoy the facility, who are already under legal process for definite tax evasion."
However, this opportunity will not be applicable in case of income made through illegal means.
A taxpayer, who has Tax Identification Number (TIN), will be able to make his untaxed money of previous five years taxable.
But taxpayers without the TIN will be able to file returns for payment of income tax from the time their income became taxable.
Expressing his optimism over the expansion of tax net in the timeframe, the NBR chief requested the tax commissioners to accept the undisclosed money without any prejudice.
"Let the tax payers enjoy the opportunity to file their tax returns through self-assessment method," he said.
The taxmen will get enough time to verify the amount later after July 31, he added.
"The board will take punitive measures against the taxmen if they are found to be harassing such taxpayers, who come to disclose their hitherto undeclared money in the next two months," he added.
The board's intelligence cell will closely monitor the process, Rahman said.
He urged the taxmen to gear up their efforts to boost revenue collection at the fag end of the fiscal by taking the opportunity.
The board will publish a weekly data on undisclosed money it will be receiving from the taxpayers.
The NBR chairman said the offer would not hamper the ongoing anti-corruption drive of the government because the effort had been taken only for untaxed money.
Money earned by illegal means will not be included in the offer, he said.
He strongly opposed the term 'black money' while referring to "untaxed money" and requested the newsmen to term it as "white but untaxed money".
© 2024 - All Rights with The Financial Express
