Undisclosed money continues to be in capital mkt this fiscal

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FE Report The National Board of Revenue (NBR) Tuesday said the existing benefit from the investment of undisclosed money in the capital market with 10 per cent tax would remain in place in the current fiscal year (FY). "The facility will remain unchanged. We will continue the opportunity offered in the budget for 2011-12," NBR chairman Dr. Nasiruddin Ahmed said at a press briefing Tuesday. He said the taxmen will not raise any question on the undisclosed money invested in the share market and it could be whitened with 10 per cent tax. Referring to the Income Tax Law 1984, the NBR chairman said if anybody who wants to whiten his undisclosed money with 10 per cent tax, taxmen will accept in without any question. "If anybody makes false declaration; heshe will be liable to prosecution. It is in the income tax law," he said. Responding to a query by newsmen on action by other laws, the NBR chairman said: "We deal with the income tax law. It's under the domain of NBR." "We don't know what the domain of other laws is. It is not our concern if undisclosed money holders are questioned by other law enforcing agencies," he added. Aminul Karim, another income tax member of the NBR, said: "It's not our concern whether the money is earned through legal or illegal means. We will accept the money under the opportunity. Other agencies can proceed in their own ways." The NBR has issued a Statutory Regulatory Order (SRO) earlier following the enquiry of Asia Pacific Group (APG) on Money Laundering about acceptance of the illegally earned money without question. APG expressed its deep concern that the measure will affect the anti-money laundering activities. In the briefing, the NBR chairman said the revenue board has achieved 16.90 per cent growth in the July-November period of the current fiscal. "We can achieve the revenue collection target of the current fiscal with an average 15 per cent growth," the NBR chairman said. In the first five months of the current fiscal year, the revenue board has collected Tk 270.35 billion or 35 per cent of the target. The NBR chairman said it would achieve the rest 65 per cent revenue in the next seven months. The NBR has disclosed its 10-point action plan for the current 2011-12 fiscal at the press briefing. NBR will launch Alternative Dispute Resolution (ADR) from February, 2012, and introduce e-payment system from March, 2012. The NBR chief said a total of Tk 20 billion in revenue was now stuck up with nearly 20,000 cases in the courts. "Most of these cases are analogous and same in nature," he added. The NBR chairman said it has signed an agreement with UNCTAD early this month to start ASYCUDA world and train the customs administration from February. Draft law of the Value Added Tax (VAT) will be placed before the cabinet in February and it will be placed in National Parliament in June 2012. The board has also decided to keep the Chittagong Customs House (CCH) open until 10pm from February 2012. "The NBR will start intensive monitoring to expand tax net from January next," The NBR chairman said. NBR will also establish an 'integrity unit', supervised by two of its members, to ensure transparency and accountability in tax administration, he said. The NBR chief said the World Bank (WB) has assured the board of giving US$ 200-300 million interest-free loan for automation of the tax administration under a project titled 'programme for results'. "The WB will give 25 per cent of the loan in advance before submission of any documents," he said. A mission of WB is scheduled to arrive in the country on January 29 next and stay until February 9 for the programme.