NBR aims to get Tk 10b thru' legalising undisclosed money

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Doulot Akter Mala
The National Board of Revenue (NBR) aims to receive Tk 10 billion as income tax under its offered opportunity that allows the taxpayers to declare undisclosed money through payment of 5.0 per cent penalty, NBR tax policy member Ali Ahmed told the FE Sunday.
The board has been getting increased response from the undisclosed money holders, as the opportunity will expire September 30.
Ahmed said: "We have collected Tk 4.70 billion tax on undisclosed money worth Tk 26.00 billion until Sunday from 16,900 individuals."
He said big undisclosed money holders are still shy, and some are unable to enjoy the opportunity as they are in the list of anti-corruption commission (ACC).
Some of them are under the legal action of government and they have not given the opportunity as per the NBR's order.
"We are getting good response from the middle-income group, but we expect a last minute rush of big undisclosed money holders," he added.
The NBR has been warning the big undisclosed money holders that the government will take stern action against them for failing to avail themselves of the opportunity.
The undisclosed money holders will have to pay tax at much higher rate after the expiry of the time.
The NBR sources said it has no plan to further extend the deadline for the opportunity.
On June 4, the government offered the opportunity to legalise undisclosed income with payment of 5.0 per cent tax in addition to normal tax rate.
The deadline of the opportunity was first extended from July 31 to September 30.
The board has extended the time in anticipation of more response from the undisclosed money holders.
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.