Deadline for legalising undisclosed income expires today

FE Team | Published: September 30, 2007 00:00:00 | Updated: February 01, 2018 00:00:00

Shakhawat Hossain
The opportunity granted by the government to legalise incomes, which have not been disclosed in the tax returns for the last five assessment years, comes to an end today (Sunday).
The treasury branches of the commercial banks remained open on Saturday to cater to the individuals who would be availing the facility in the last minute.
"Response from the people is not good today (Saturday)," said NBR member Ali Ahmed, adding that they were hoping for some good deposits on the last day Sunday.
Tax worth Tk 5.43 billion was deposited until Thursday against Tk 32.14 billion undisclosed income declared by 22,475 individuals.
Sources said the revenue board has decided to scrutinise as to why many people remained shy to avail the opportunity that was first announced in June 4 this year and after subsequent extension now concludes September 30.
The caretaker government's intention to bring a substantial portion of undisclosed money into the formal channel has not yielded the desired result as the cumulative penalty and the payable taxes were quite high, sources said.
The 5.0 per cent penalty in addition to the highest slab of 25 per cent payable tax pushed the total payment to 30 per cent for an individual who wished to avail the facility of disclosing their untaxed income.
Terming the rate exorbitant, sources said many people stayed away from availing the opportunity.
The high officials including the NBR chairman have expressed dismay over the response as Tk 32.75 billion was disclosed until September 27 with the deadline ending today (Sunday).