Only 92 legalise undisclosed income until Aug 14: NBR
FE Report | Wednesday, 20 August 2008
Only 92 people have responded to the government's latest offer to legalise undisclosed money since the opportunity became available from the first day of the current fiscal year, the National Board of Revenue (NBR) said.
The Board said it mopped up tax worth Tk 33.8 million (3.38 cr) including penalties till August 14, as only Tk 150 million was legalized using the latest government offer to be available through October 30.
The caretaker government, for the second time in its tenure, offered the extraordinary opportunity, allowing tens of thousands of people to legalise their undisclosed income paying just 7.0 per cent penalty on declared amount.
The Board chairman Abdul Mazid said the response from the undisclosed money holders was 'poor', as it has only collected only Tk 2.4 million as penalties from the declared amount.
This year the NBR has allowed people to show their undisclosed income in current year's tax return to avoid 7.0 per cent penalty, resulting in 'poor resonse' in availing to extraordinary facility, said Mazid.
It is a major cause for 'insignificant amount of money' being legalized by the undisclosed income holders, he said.
Mazid said people who have stashed undisclosed money can still avoid being identified by taxmen if they legalise their income by availing the offer.
"We have offered the opportunity to facilitate the people who are sitting on sitting piles of undisclosed income. People should come willingly to avail the offer before being detected by the special teams," he said.
He said special team of NBR, comprising officials from its intelligence wing, have already launched drive sector by sector to detect undisclosed income.
He said the revenue board has collected Tk 5.57 billion income tax in July 08, which is Tk 150 million more than the corresponding period last fiscal.
He hoped that income tax collection would get a boost in August and September, ahead of the expiry of deadline for normal tax return for individual taxpayers.
In the first month of current fiscal, NBR's tax collections rose 23.67 per cent growth as import surged ahead of the month of Ramadan.
Duty and tax collection by customs department, one of the three wings of NBR, rose 51 pr cent in July from a year ago, mainly due to huge import of cars and a surge of import of edible oil and steel, NBR member Farid Uddin said.
The Board said it mopped up tax worth Tk 33.8 million (3.38 cr) including penalties till August 14, as only Tk 150 million was legalized using the latest government offer to be available through October 30.
The caretaker government, for the second time in its tenure, offered the extraordinary opportunity, allowing tens of thousands of people to legalise their undisclosed income paying just 7.0 per cent penalty on declared amount.
The Board chairman Abdul Mazid said the response from the undisclosed money holders was 'poor', as it has only collected only Tk 2.4 million as penalties from the declared amount.
This year the NBR has allowed people to show their undisclosed income in current year's tax return to avoid 7.0 per cent penalty, resulting in 'poor resonse' in availing to extraordinary facility, said Mazid.
It is a major cause for 'insignificant amount of money' being legalized by the undisclosed income holders, he said.
Mazid said people who have stashed undisclosed money can still avoid being identified by taxmen if they legalise their income by availing the offer.
"We have offered the opportunity to facilitate the people who are sitting on sitting piles of undisclosed income. People should come willingly to avail the offer before being detected by the special teams," he said.
He said special team of NBR, comprising officials from its intelligence wing, have already launched drive sector by sector to detect undisclosed income.
He said the revenue board has collected Tk 5.57 billion income tax in July 08, which is Tk 150 million more than the corresponding period last fiscal.
He hoped that income tax collection would get a boost in August and September, ahead of the expiry of deadline for normal tax return for individual taxpayers.
In the first month of current fiscal, NBR's tax collections rose 23.67 per cent growth as import surged ahead of the month of Ramadan.
Duty and tax collection by customs department, one of the three wings of NBR, rose 51 pr cent in July from a year ago, mainly due to huge import of cars and a surge of import of edible oil and steel, NBR member Farid Uddin said.