NBR to launch drive against undisclosed money holders
Tuesday, 2 October 2007
FE Report
The National Board of Revenue (NBR) will launch a drive against the undisclosed money holders who failed to avail themselves of the opportunity of legalising their income during the last four months.
The board will take action as per existing income tax law against the undisclosed money holders, even against those who availed themselves of the opportunity by declaring only a small portion of undisclosed income, hiding a big chunk.
The board, meanwhile, gave the directive to all tax offices to find out the tax evaders. It will launch the drive targeting on big fishes ignoring the small-undisclosed income holders.
A total of Tk 52.13 billion undisclosed income was declared until Monday mopping up Tk 8.02 billion tax. A total of 42,459 persons availed themselves of the opportunity of legalising income with the payment of 5.0 per cent penal rate in addition to the normal rate of tax thereon such income.
Talking to the newsmen, the NBR chairman Badiur Rahman said: "The board is not satisfied with the disclosure as a number of big fishes, who requested for offering the opportunity, were shy of disclosing their income."
Though the deadline expired Sunday, the National Board of Revenue (NBR) received response from the undisclosed money holders at the last moment, even Monday.
The NBR Monday received pay orders by mail and personally, dated on Sunday, from the undisclosed money holders.
"We have expected Tk 15 billion tax from the undisclosed money holders but, unfortunately, it did not reach even the double digit figure," he said.
But the NBR chief made it clear that the board will not initiate any move, which will bring an adverse affect on economy or create any panicky situation among businesses.
Until Sunday evening, the total declared amount of undisclosed income was Tk 37.75 billion from around 32,585 persons who paid tax, amounting to Tk. 6.87 billion, under the opportunity.
"The government has been able to create a tax culture among the people and we hope that it will boost tax revenue collection in the future," the NBR chief said.
The National Board of Revenue (NBR) will launch a drive against the undisclosed money holders who failed to avail themselves of the opportunity of legalising their income during the last four months.
The board will take action as per existing income tax law against the undisclosed money holders, even against those who availed themselves of the opportunity by declaring only a small portion of undisclosed income, hiding a big chunk.
The board, meanwhile, gave the directive to all tax offices to find out the tax evaders. It will launch the drive targeting on big fishes ignoring the small-undisclosed income holders.
A total of Tk 52.13 billion undisclosed income was declared until Monday mopping up Tk 8.02 billion tax. A total of 42,459 persons availed themselves of the opportunity of legalising income with the payment of 5.0 per cent penal rate in addition to the normal rate of tax thereon such income.
Talking to the newsmen, the NBR chairman Badiur Rahman said: "The board is not satisfied with the disclosure as a number of big fishes, who requested for offering the opportunity, were shy of disclosing their income."
Though the deadline expired Sunday, the National Board of Revenue (NBR) received response from the undisclosed money holders at the last moment, even Monday.
The NBR Monday received pay orders by mail and personally, dated on Sunday, from the undisclosed money holders.
"We have expected Tk 15 billion tax from the undisclosed money holders but, unfortunately, it did not reach even the double digit figure," he said.
But the NBR chief made it clear that the board will not initiate any move, which will bring an adverse affect on economy or create any panicky situation among businesses.
Until Sunday evening, the total declared amount of undisclosed income was Tk 37.75 billion from around 32,585 persons who paid tax, amounting to Tk. 6.87 billion, under the opportunity.
"The government has been able to create a tax culture among the people and we hope that it will boost tax revenue collection in the future," the NBR chief said.