Time for legalising untaxed income extended to Sept 30
Wednesday, 1 August 2007
FE Report
The government Tuesday extended the time for legalising undisclosed income for two months, up to September 30.
The National Board of Revenue (NBR) Chairman Badiur Rahman announced this on the last day of the facility at a meeting with the Anti-Corruption Commission (ACC) Chairman Hassan Mashud Chowdhury at the conference room of the NBR.
On June 4, the NBR offered the opportunity to the holders of undisclosed assets to declare the same by July 31 for bringing it within the tax net, upon payment of 5.0 per cent penalty in addition to normal tax rate, up to July 31.
"We have extended the time observing a huge rush for legalising undisclosed money at the last moment," the NBR chief said.
The NBR has issued a Statutory Regulatory Order (SRO), No-190, in this connection.
"The government has amended SRO no-98, issued on June 4, replacing September 30 instead of July 31," the SRO stated.
The board did not disclose the plan of time extension to keep smooth flow about disclosures of undisclosed money, the NBR chairman said.
The board received the highest amount of undisclosed money Tuesday.
On Tuesday, the board received undisclosed money worth Tk 16.23 billion (1623 crore) from 8559 individuals compared to Tk 6.79 billion (679 crore) from 3511 individuals on Monday.
The NBR received tax worth Tk 3.0 (300 crore) until Tuesday, which was Tk 1.38 billion (138 crore) up to Monday.
The board has received tax Tk 1.62 billion (162 crore) from undisclosed money worth Tk 9.44 billion (944 crore) of 5048 individuals on Tuesday alone.
Besides, the normal time to file tax return of self-assessment income is up to September 30 next.
When asked about the matter, the NBR chief said: "Any body could show their undisclosed income in the current return but the individual will lose the opportunity to enjoy the tax exemption limit of the last five years."
Such taxpayer will get only the current year's tax exemption limit that starts from Tk 150000, he added.
Speaking at the meeting, the ACC chief underscored the need for thwarting corruption with the change of individuals' mentality.
"Punitive action is necessary but it, alone, can not check corruption," he said.
The performance of the NBR could be measured through monthly and annual statistics, but there is no parameter to measure the performance of ACC, he said.
The ACC will increase the number of cases against corrupt people collecting sufficient evidence, he said.
The NBR and banks could detect the primary source of corrupt people as those entities deal with financial matters including accepting tax returns and maintaining data about letters of credits (L/Cs).
The whole process of checking corruption will be easier if such organisations detect the corrupt money at the primary stage, he added.
"We are initiating a number of moves to build the ACC as a modern and efficient organisation to establish good governance for checking corruption," he said.
The NBR chairman assured the ACC of providing all possible cooperation to thwart corruption.
He said the NBR is also exercising its own power about filing cases against tax evaders.
"I will give approval for filing a case on the board meeting tomorrow (Wednesday)," he said.
The NBR has the authority to search any bank accounts and file cases against tax evaders, he said.
Expressing his optimism on people's awareness about payment of tax, he said: "We have able to develop the tax culture among the people through our different initiatives."
The government Tuesday extended the time for legalising undisclosed income for two months, up to September 30.
The National Board of Revenue (NBR) Chairman Badiur Rahman announced this on the last day of the facility at a meeting with the Anti-Corruption Commission (ACC) Chairman Hassan Mashud Chowdhury at the conference room of the NBR.
On June 4, the NBR offered the opportunity to the holders of undisclosed assets to declare the same by July 31 for bringing it within the tax net, upon payment of 5.0 per cent penalty in addition to normal tax rate, up to July 31.
"We have extended the time observing a huge rush for legalising undisclosed money at the last moment," the NBR chief said.
The NBR has issued a Statutory Regulatory Order (SRO), No-190, in this connection.
"The government has amended SRO no-98, issued on June 4, replacing September 30 instead of July 31," the SRO stated.
The board did not disclose the plan of time extension to keep smooth flow about disclosures of undisclosed money, the NBR chairman said.
The board received the highest amount of undisclosed money Tuesday.
On Tuesday, the board received undisclosed money worth Tk 16.23 billion (1623 crore) from 8559 individuals compared to Tk 6.79 billion (679 crore) from 3511 individuals on Monday.
The NBR received tax worth Tk 3.0 (300 crore) until Tuesday, which was Tk 1.38 billion (138 crore) up to Monday.
The board has received tax Tk 1.62 billion (162 crore) from undisclosed money worth Tk 9.44 billion (944 crore) of 5048 individuals on Tuesday alone.
Besides, the normal time to file tax return of self-assessment income is up to September 30 next.
When asked about the matter, the NBR chief said: "Any body could show their undisclosed income in the current return but the individual will lose the opportunity to enjoy the tax exemption limit of the last five years."
Such taxpayer will get only the current year's tax exemption limit that starts from Tk 150000, he added.
Speaking at the meeting, the ACC chief underscored the need for thwarting corruption with the change of individuals' mentality.
"Punitive action is necessary but it, alone, can not check corruption," he said.
The performance of the NBR could be measured through monthly and annual statistics, but there is no parameter to measure the performance of ACC, he said.
The ACC will increase the number of cases against corrupt people collecting sufficient evidence, he said.
The NBR and banks could detect the primary source of corrupt people as those entities deal with financial matters including accepting tax returns and maintaining data about letters of credits (L/Cs).
The whole process of checking corruption will be easier if such organisations detect the corrupt money at the primary stage, he added.
"We are initiating a number of moves to build the ACC as a modern and efficient organisation to establish good governance for checking corruption," he said.
The NBR chairman assured the ACC of providing all possible cooperation to thwart corruption.
He said the NBR is also exercising its own power about filing cases against tax evaders.
"I will give approval for filing a case on the board meeting tomorrow (Wednesday)," he said.
The NBR has the authority to search any bank accounts and file cases against tax evaders, he said.
Expressing his optimism on people's awareness about payment of tax, he said: "We have able to develop the tax culture among the people through our different initiatives."