Govt earns over Tk 50m from undisclosed money holders

FE Team | Published: June 29, 2007 00:00:00 | Updated: February 01, 2018 00:00:00

The government has earned more than Tk 50 million (5.0 crore) by whitening black money of fat cats who earned their money through legal means, reports UNB.
"Although the response is not up to the mark at the initial stage, but the amount is satisfactory at the end of this month," National Board of Revenue (NBR) chairman Badiur Rahman told the news agency.
He said that the undisclosed money holders could have their money legalised Friday and Saturday as the government decided to keep open the banks and NBR offices across the country on the weekend.
He also said that the amount of legalised money was Tk 25.7 million (2.57 crore) on June 25 while it was Tk 28.9 million (2.89 crore) on June 26.
On June 4, the government, through statutory Regulatory Order (SRO), offered an amnesty to the tax-dodgers for washing their money white in effort to bring the money in the formal economy.
The NBR launched a two-month drive in search for such fugitive money.
The tax-delinquents who made money by dishonest means would not come under the purview of this amnesty.
As per the plan, the drive will continue until July 31 this year when the tax-dodgers having Tax Identification Numbers (TINs) will be able to get their income legalised for the last six years, including the current fiscal year (2006-07).
Tax-dodgers without having TINs will have to get TINs. An eligible assessee would be able to legalise their money by paying additional 5 per cent tax as penalty with the normal tax base of that particular period.
The NBR chairman on June 4 said that the people who are proved to have evaded tax and who are facing cases on tax-evasion charges would not be able to avail of the opportunity.
Earlier, governments had offered similar amnesty for the delinquents several times with the latest one in the 2005-06 fiscal year, but that was for both the groups of tax-dodgers - those who earned honestly and dishonestly.