NBR warns of action against undisclosed money holders failing to legalise income

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FE Report
National Board of Revenue (NBR) Chairman Badiur Rahman Sunday said the government will take stern action against those who fails to legalise undisclosed income by September 30.
The undisclosed money holders will have to pay tax at a much higher rate after expiry of the time, he added.
The NBR will take action on the basis of the information list of big fishes, he said.
Talking to the newsmen, the NBR chief made it clear that the government has no plan to further extend the deadline for this opportunity.
On June 4, the government has offered the opportunity to legalise undisclosed income by paying 5.0 per cent tax in addition to the applicable tax.
Besides, a delegation of International Monetary fund (IMF) met the NBR chairman to discuss the prevailing tax GDP ratio and trend of tax collection.
The NBR chairman said the government has taken different initiatives, like reducing discretionary power, simplifying tax return form etc, to make the country's people tax compliant.
The NBR has simultaneously been trying to provide better service besides reducing harassment by taxmen, he added.