Scrapping the impugned black money-whitening facility is likely by proclaiming an ordinance in the interim period as parliament has been dissolved following the fall of the past government in an uprising, taxmen indicate.
Revenue officials in a meeting Tuesday with the finance adviser mooted the proposal, amid discussions on a wide range of affairs like taxation reforms, hassle-free rapid trade clearance, government revenue boost.
Official sources said Finance and Commerce Adviser Dr Salehuddin Ahmed responded positively and assured of placing the matter before the council of advisers of the interim government.
Following newly appointed National Board of Revenue (NBR) chairman Abdur Rahman's instructions, the taxmen verbally showed wiliness to withdraw the much-contended special fiscal benefit offered for legalizing undeclared money.
The budget for the current 2024-25 financial year, adopted by the immediate-past government, provides for whitening 'black money' on payment of 15-percent tax. Regular taxpayers have to pay taxes up to 20 per cent on their incomes.
"Scrapping the scheme would need passing an ordinance as it is in the Finance Act 2024 passed in the budget," said one official.
However, Dr Salehuddin Ahmed, after the meeting with the NBR, declined to talk on this fiscal amnesty at this moment.
Talking to the newsmen, Dr Salehuddin Ahmed instructed the revenue board not to create any obstacles to release of goods from the customs ports in order to facilitate private-sector investment, much sought after for gearing up economic activity, job creation, and growth.
The measures to develop industrial sector have to be taken care of through taking proper steps on tax collection.
"The bill of lading and bill of entry have to be released in due time. In case of any lacking in documentation, the revenue officials would ask for it," he said while talking to the press after his consultation with the National Board of Revenue high-ups.
The process has to be expedited without causing any hindrance from government's part, he added.
Mr Ahmed urges them to resolve the roadblocks in export-import cargo clearance.
"Forcing the existing taxpayers while sparing the tax-evaders would not happen now," the finance and commerce adviser, a former governor of the Bangladesh Bank, categorically said.
Dr Ahmed, however, declined to talk on the existing black money-whitening facility and also the US treasury department's proposal on tax-base-extension support.
On the US treasury proposal he said, "We are taking care of but cannot make comment instantly."
He hastened to add: "Also, the British Ambassador pointed out on foreign- exchange-market reform due to having their expertise to tackle recession in 2007-08, which affected UK and USA most."
Mervyn King was the Governor of the Bank of England who successfully tackled the great recession of 2007-08, Dr Salehuddin mentioned, citing his visit to London that time when he was BB governor.
King was appointed governor of the Bank of England in 2003, succeeding Edward George. Most notably, he oversaw the bank during the financial crisis of 2007-2008 and the Great Recession.
"I told it BB's issue which it can take care of," he said.
He, however, preferred to look into the local expertise capacity before taking help of foreign expertise.
"We have to increase our tax-GDP ratio. It is still low. The NBR will have to maximize tax collection," he said, adding that the government cannot run depending constantly on loan.
Responding to newsmen's query, NBR chairman Abdur Rahman Khan said service delivery would be expedited in bringing businessmen's confidence.
"We will work with all-out efforts to meet the revenue-collection target and plug the scope of revenue leakage," he said.
The NBR is the most important entity of the government having a major role in facilitating industrialization, he notes.
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