Big money holders still shy of disclosing income

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Doulot Akter Mala
The National Board of Revenue (NBR) received disclosure of only small amounts of undisclosed income over the past four weeks despite extension of time.
The board has been getting response from the holders of small amounts of undisclosed money. Big undisclosed money holders still remain shy for fear of such disclosures becoming public, NBR sources said.
The NBR received tax worth Tk 4.42 billion against undisclosed income worth Tk 24.45 billion until Tuesday from 14,019 Individuals.
Sources said it is against the income tax law to disclose the name and volume of declared income of the taxpayers.
The identities of the individuals were kept secret under the previously offered opportunity on legalisation of undisclosed income, upon payment of 7.5 per cent tax. But this time, somehow, it has been made public disappointing many taxpayers.
The board has extended the time for disclosure of undeclared income for another two months up to September 30.
On June 4, the NBR offered the opportunity up to July 31 to disclose undeclared income with the payment of 5.0 per cent penalty in addition to normal tax rate.
"We have been receiving poor response from the undisclosed money holders after the time extension, but it will rise before the expiry of the date of the opportunity," the NBR Chairman Badiur Rahman told the FE.
The board has extended the time in anticipation of a rush for declaring undisclosed money and bringing the same under the taxation network at the last moment, but after the time extension it has realised only Tk 1.42 billion as tax under the opportunity.
The board received the highest amount of tax worth Tk 1.62 billion against Tk 9.44 billion in undisclosed income of 5048 individuals on July 31, the last day of the previous deadline.
Until July 31, the board received tax worth Tk 3.0 billion against undisclosed income worth Tk 16.23 billion from 8559 individuals.