NBR likely to release some frozen accounts
Tuesday, 11 December 2007
Doulot Akter Mala
The National Board of Revenue (NBR) might revive some accounts, which were frozen on suspected evasion of tax, in a move to restore confidence in business and gear up economic activities.
This will be done after thorough investigation, sources said.
The board has frozen around 129 accounts and sought information about another 410 accounts suspecting tax evasion.
The action has triggered fund crisis in some establishments, which have been facing difficulties in running their business activities and payment of salaries to employees.
"We are reviewing the frozen accounts and will take proper steps for helping the businesses run their activities smoothly," the NBR chairman Muhammad Abdul Mazid said.
The government has already taken a number of steps like formation of better business forum, regulatory reform commission (RRC) to restore confidence in the businesses, he said.
A competent source said the board, meanwhile, freed some of the frozen accounts. But he declined to elaborate for the sake of official secrecy.
There is a provision for withdrawal of Tk 50,000 from frozen accounts a month.
The NBR is contemplating increasing the ceiling ahead of the Eid-ul Azha festival, sources said.
The board has also given directives to the banks to sanction loans to the frozen accounts holders after scrutinising their requirements for running their businesses, they added.
The board might also allow withdrawal of additional money for emergency purposes if sought by frozen account holders.
Responding to a question whether the board has any plan to offer further opportunity to legalise undisclosed money, he said: "It will require evaluation of such steps, but all tax payers can legalise their undisclosed income as per the existing income tax law."
Asked about the citizen's charter, the NBR chief said: "The NBR is likely to issue citizen's charter ahead of the Eid-ul Azha."
The NBR usually offers the opportunity for a specific timeframe to bring undisclosed income into the formal economy.
The National Board of Revenue (NBR) might revive some accounts, which were frozen on suspected evasion of tax, in a move to restore confidence in business and gear up economic activities.
This will be done after thorough investigation, sources said.
The board has frozen around 129 accounts and sought information about another 410 accounts suspecting tax evasion.
The action has triggered fund crisis in some establishments, which have been facing difficulties in running their business activities and payment of salaries to employees.
"We are reviewing the frozen accounts and will take proper steps for helping the businesses run their activities smoothly," the NBR chairman Muhammad Abdul Mazid said.
The government has already taken a number of steps like formation of better business forum, regulatory reform commission (RRC) to restore confidence in the businesses, he said.
A competent source said the board, meanwhile, freed some of the frozen accounts. But he declined to elaborate for the sake of official secrecy.
There is a provision for withdrawal of Tk 50,000 from frozen accounts a month.
The NBR is contemplating increasing the ceiling ahead of the Eid-ul Azha festival, sources said.
The board has also given directives to the banks to sanction loans to the frozen accounts holders after scrutinising their requirements for running their businesses, they added.
The board might also allow withdrawal of additional money for emergency purposes if sought by frozen account holders.
Responding to a question whether the board has any plan to offer further opportunity to legalise undisclosed money, he said: "It will require evaluation of such steps, but all tax payers can legalise their undisclosed income as per the existing income tax law."
Asked about the citizen's charter, the NBR chief said: "The NBR is likely to issue citizen's charter ahead of the Eid-ul Azha."
The NBR usually offers the opportunity for a specific timeframe to bring undisclosed income into the formal economy.