Finance Minister AMA Muhith has hinted at the possibility of offering a fresh opportunity to legalise undisclosed legal income.
"Theoretically, I am not in favour of any provision for legalisation of untaxed money. But it can be considered in the present perspective," he said Wednesday after a meeting with leaders of the Dhaka Chamber of Commerce and Industry (DCCI) at his ministry.
If the holders of undisclosed legal income are allowed to legalise their money, it will amount to injustice to regular taxpayers, he observed, adding, "It does not mean that the provision for formalising untaxed income cannot be considered."
The minister informed the newsmen that during the meeting the DCCI delegation, led by its president Zafar Osman, had sought, among others, the opportunity to legalise undisclosed money for facilitating investment and creating more jobs in the country.
Leaders of the DCCI also made other proposals including creation of a database on income tax and early automation of the Dhaka Customs House, the minister said.
Supporting the DCCI's proposal, Mr. Muhith said if it is done, the database will help prevent the use of fake taxpayers identification numbers (TINs) by individuals.
Citing the country's extreme dependence on the Chittagong seaport, the Chamber has also proposed for making the Mongla seaport effective and operational, he said.
"I have also agreed with the DCCI delegation that frequent change in and issuance of statutory regulatory orders (SROs) by the revenue authorities create problems for the businesses," Mr. Muhith told the newsmen.
When his attention was drawn to the cancellation of visas of 55,000 Bangladeshi workers by Malaysian government, the Finance Minister said, "I have no details about the matter. If so, it will definitely create an adverse impact on the economy."
Talking to the media, the DCCI president said during the meeting, the Finance Minister has responded positively to the proposals that the Chamber made.
"The minister has informed us that he will soon sit with all trade bodies and business associations concerned to review the country's preparedness to stave off the possible impact of the ongoing global financial meltdown," Mr. Zafar Osman said.
He said the DCCI has urged the government to give a fresh opportunity to legalise undisclosed money to help boost investment with a view to creating more employments in the country.
When asked, the Chamber president observed that the provision for legatisation of undisclosed income would not have been necessary had the government simplified its tax collection systems.
The government offered the opportunities to individuals for formalising undisclosed money, both legal and illegal, on several occasions after the country's independence.
