Decision on extension of deadline for legalising untaxed money today

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FE Report
The government is likely to extend the deadline for legalising undisclosed income aiming to offer individuals and companies more time to pay tax.
The deadline expires today (Tuesday).
"The highest authority of the government is seriously considering extension of time for legalisation of undisclosed income," said Badiur Rahman, Chairman of the National Board of Revenue (NBR), Monday.
The government offered the opportunity to legalise undisclosed money with the payment of 5.0 per cent penalty in addition to normal tax rate on June 4.
"We are receiving requests from various sections of people for whom the government offered the opportunity. But, I personally believe that we have given the undisclosed money holders a pretty long time to respond," Rahman said.
Some of the target groups have requested for the time extension citing delay in preparation on disclosure of undisclosed money due to sudden floods in the country, he added.
He, however, said the government will take a final decision Tuesday (today) on extension of the deadline.
"I have tried for three months to get government's green signal before offering the facility to bring the undisclosed money, earned through fair means, into the formal economy," he said.
"We are yet to receive any directives from the higher authority on extension of the timeframe," he added
The board has been receiving less response to the present offer compared to the one which fixed 7.5 per cent tax rate for legalisation of undisclosed money as the government is simultaneously carrying out anti-corruption and tax realisation drives, he said.
He also termed the offer made earlier as 'injustice' to the regular taxpayers.
The board is also taking legal action against a number of tax evaders, a move that might have frightened some persons to come under the tax net, he said.
The NBR will file two more cases against tax dodgers within a short time. The board has already filed 10 such cases.