NBR gets poor response from large taxpayers
Wednesday, 5 November 2008
FE Report
The National Board of Revenue (NBR) has received responses from one-third number of undisclosed money holders compared to the previous year during the four-month offer (July-October) that expired Sunday.
Compared to last year, the declaration of undisclosed income this year amounted to one-twelfth while the collection of tax accounted for one-eighth.
"We have received a lower response from the large payers in the special opportunity. Only middle-income group formalised their undeclared incomes," said revenue board chief citing an analysis of the board.
The taxpayers under Large Taxpayers' Unit (LTU) have shown significant lower response to avail the opportunity this year compared to that of the previous year, said NBR chairman Muhammad Abdul Mazid.
The NBR has received Tk 1.05 billion taxes from 14,216 taxpayers' who declared Tk 7.82 billion undisclosed income against the NBR offer.
This year, undisclosed money holders paid 7.0 per cent penal tax in addition to normal tax rate that was 5.0 per cent last year.
The tax received against undisclosed income accounted for 13.42 per cent of total income tax collected this year, which was 9.02 per cent last year, he said.
In an overall assessment on disclosure of income the board has found that only middle-income group and general taxpayers' availed the opportunity, he said.
"The government received comparatively higher response from the big taxpayers' in a similar offer last year from which the NBR mopped up tax worth Tk 8.03 billion," said the NBR chief.
Last year, the similar opportunity received responses from 42,591 people who declared Tk 88. 95 billion with the payment of 5.0 per cent penal tax in addition to normal tax rate.
In the area-basis analysis, the NBR has found higher response from the taxpayers' under the Chittagong tax zone.
The government has offered the opportunity for lawfully earned income not for black money.
Officials said there is an opportunity available to legalise black income in the truth and accountability commission (TAC). NBR is not the right place to disclose illegally earned money, they added.
The National Board of Revenue (NBR) has received responses from one-third number of undisclosed money holders compared to the previous year during the four-month offer (July-October) that expired Sunday.
Compared to last year, the declaration of undisclosed income this year amounted to one-twelfth while the collection of tax accounted for one-eighth.
"We have received a lower response from the large payers in the special opportunity. Only middle-income group formalised their undeclared incomes," said revenue board chief citing an analysis of the board.
The taxpayers under Large Taxpayers' Unit (LTU) have shown significant lower response to avail the opportunity this year compared to that of the previous year, said NBR chairman Muhammad Abdul Mazid.
The NBR has received Tk 1.05 billion taxes from 14,216 taxpayers' who declared Tk 7.82 billion undisclosed income against the NBR offer.
This year, undisclosed money holders paid 7.0 per cent penal tax in addition to normal tax rate that was 5.0 per cent last year.
The tax received against undisclosed income accounted for 13.42 per cent of total income tax collected this year, which was 9.02 per cent last year, he said.
In an overall assessment on disclosure of income the board has found that only middle-income group and general taxpayers' availed the opportunity, he said.
"The government received comparatively higher response from the big taxpayers' in a similar offer last year from which the NBR mopped up tax worth Tk 8.03 billion," said the NBR chief.
Last year, the similar opportunity received responses from 42,591 people who declared Tk 88. 95 billion with the payment of 5.0 per cent penal tax in addition to normal tax rate.
In the area-basis analysis, the NBR has found higher response from the taxpayers' under the Chittagong tax zone.
The government has offered the opportunity for lawfully earned income not for black money.
Officials said there is an opportunity available to legalise black income in the truth and accountability commission (TAC). NBR is not the right place to disclose illegally earned money, they added.