Appropriate measures are underway to empower the taxmen to check capital flight and recover the funds taken out of the country illegally, said the National Board of Revenue (NBR) chief Tuesday.
"A process is on to empower the NBR under the money laundering prevention act," Nojibur Rahman, Chairman of the National Board of Revenue (NBR) said.
"There are two rules to recover laundered money -- asset recovery rule and tax recovery rule. Of the rules, tax recovery rule is easy to enforce," he said at a pre-budget meeting with the members of Economic Reporters Forum (ERF) at NBR premises.
ERF members, led by its president Sultan Mahmud, placed a set of proposals for inclusion in the budget for Fiscal Year (FY) 2015-16.
The proposals include special tax-relief for small investors of the capital market for a certain period, two slabs for levying corporate tax rates instead of the existing multiple ones, identification of the potential untapped areas for tax collection, expansion of tax net by netting members of the country's posh clubs.
ERF members also proposed an increase in tax-free ceiling for individual taxpayers taking into cognizance the rate of inflation and cost of living, tax relief for the senior citizens, simplification of income tax returns, tax-benefit for local bicycle and biscuit manufacturing companies, hike in tax on low-cost cigarettes etc.
ERF president Sultan Mahmud said companies offering dividend above 20 per cent could be allowed to pay lower rates of corporate tax.
NBR chairman said domestic resource mobilisation is the main priority of the government and the budget proposals would be based on the pro-people policies.
Customs member Farid Uddin, income tax member Parvez Iqbal and VAT member Enayet Hossain, ERF Secretary Sajjadur Rahman, among others, also attended the meeting.
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