NBR clarifies SRO on legalising untaxed income

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Doulot Akter Mala
The National Board of Revenue (NBR) Tuesday issued a clarification on its Statutory Regulatory Order (SRO) number 98 that offered the opportunity to legalise undisclosed income with the payment of 5.0 per cent tax in addition to normal tax rate.
Income tax policy member Ali Ahmed issued the clarification Tuesday.
On June 4, the NBR issued the SRO offering the opportunity up to July 31 that was extended to September 30 later.
The NBR issued the clarification following confusion among a section of people about disclosure of the undeclared money and investment under the opportunity.
"All professionals, including companies, farms, businessmen, service holders, individual organisations are entitled to enjoy the opportunity," the clarification said.
Undisclosed money holders will declare the previous year's income as well as current year's income, it said.
If a regular taxpayer has undisclosed money before 2002-03 fiscal, he will able to include it in the same fiscal, the clarification said.
A new taxpayer will also enjoy the opportunity to pay tax under the SRO-98. But there is no time frame for a new taxpayer for paying their tax of previous years. They will able to pay tax for more than five previous years.
The NBR clarification also said: "The NBR will not raise any question on the source of the undisclosed income declared under the SRO."