Tk 37.75b legalised in four months

FE Team | Published: October 01, 2007 00:00:00 | Updated: February 01, 2018 00:00:00

Doulot Akter Mala
The extended period for legalising the undisclosed money expired Sunday with the National Board of Revenue (NBR) mopping up total tax revenue of Tk. 6.87 billion against the disclosure of Tk. 37.75 billion.
During the extended period of August- September, the NBR received tax revenue worth Tk 3.87 billion. The board mopped up Tk. 3.0 billion during the first two months (June and July) of the opportunity offered to legalise undisclosed money through payment of 5.0 per cent penal tax in addition to normal rate of tax of a particular year.
The NBR Chairman Badiur Rahman, however, expressed his dissatisfaction over the response of the taxpayers to the opportunity.
Around 32,585 persons availed themselves of the opportunity and declared an undisclosed amount of Tk. 37.75 billion.
The board had extended deadline for disclosing untaxed income from August 01 to September 30 following requests from cross sections of people.
Until Saturday, the board collected Tk 5.95 billion in tax against Tk 36.45 billion, declared by 25927 undisclosed money holders.
On the last day of the scheme, the NBR received Tk 900 million in tax against Tk 1.42 billion undisclosed money from 6658 persons on Sunday.
An undisclosed money holder, however, will be able to pay tax today (Monday) if he or she has in her possession a pay order prepared on September 30.
"The government offered the extended opportunity in line with the request from big undisclosed money holders but, unfortunately, their response was extremely poor," he said.
He said the people belonging to the middle income group have responded to the offer more than the owners of large undisclosed funds, he added.
He said the big fishes might have stored their undisclosed income for future expenditures on election, Eid and other festivals.
The NBR chairman said: "I am not in favour of time extension of any opportunity. We might offer sufficient time to the taxpayers in the next budget rather than extending time."
Asked whether the NBR will supply the list of tax evaders if the Election Commission (EC) requests so, he said a government entity is bound to provide required information to another wing.
The NBR chairman Sunday visited different tax zones in the city to see the response of the undisclosed money holders on the last day.
He also monitored the taxmen attitude to the taxpayers and environment of the tax zones.
About those who did not avail the opportunity, the NBR chairman said the NBR will take necessary action against the tax evaders as per existing income tax laws.
The NBR chief said the board, in the Statutory Regulatory Order (SRO)-98, offered undisclosed money earned only by legal means to check the entry of black money.
Some big fishes have adopted the 'wait and see' policy following the relaxation of the government's anti-corruption drive, he said.
"Before, initiating any action, we will prefer out- of- court settlement of large tax evasion cases," he said.