Tk 10b undisclosed money whitened in 2009-'10
Wednesday, 7 July 2010
Doulot Akter Mala
An amount of around Tk 10 billion in undisclosed money was legalised in the just concluded fiscal under the government's offer for investment in three major sectors---new industries, real estate and share market, that expired on June 30, 2010.
A total of 1923 people availed of the opportunity in 2009-2010 declaring Tk 9.22 billion investment with 10 per cent tax in these selected sectors. The National Board of Revenue (NBR) has collected tax worth Tk 1.21 billion from the disclosed amount.
Investment in share market ranked the top position among the sectors, where 296 people have whitened Tk 4.26 billion. The government has received tax worth Tk 420 million from investment in share market.
The highest number of people, around 1320 persons, has invested in apartments/flats in the just concluded fiscal. Around Tk 280 million was legalised in this sector contributing nearly Tk 290 million to the national exchequer.
A total of 162 people invested Tk 2.39 billion undisclosed money in new industries availing the government offer. The NBR has received tax worth Tk 230 million from the disclosure.
When it comes to old industries (Balancing, Modernisation, Renovation and Expansion), a total of 145 people formalised Tk 2.57 billion paying Tk 250 million tax in 2009-2010 fiscal.
Officials said the NBR has received a huge rush of undisclosed money holders in the last month (June) of the current fiscal after the government in the budget for 2010-2011 fiscal has confirmed the discontinuation of the facility from July 1, 2010.
Only 180 people has availed of the facility in the first 11 months of 2009-2010 fiscal showing Tk 693 million in undisclosed money. The government has bagged Tk 73 million tax from the declared money.
In share market, some 23 persons legalised their money worth Tk 230 million until May with Tk 23 million in tax, while 72 persons invested in flats or floors, 13 persons in new industries and 3 in old industries.
Tax officials said the actual figure of undisclosed income will be finalised after expiry of time for tax return. People could invest their undisclosed income in 2009-2010, but they were to show it in the tax return. It is not mandatory to declare the amount before expiry of the year.
In the first quarter (July-September), only eight persons availed themselves of the opportunity by disclosing amount worth Tk 30 million with Tk 3.5 million in tax.
The NBR received Tk 8.02 billion taxes in 2007-08 and Tk 1.02 billion taxes in 2008-09 by extending the similar kind of offer.
Previous black money whitening schemes were not for raising investment. The offers were open to all. People were required to just declare their undisclosed money with a penalty tax to formalise their money.
"The country will be benefited from the just expired opportunity as it was focused on revving up investment," a senior tax official said.
All of the Tk 10 billion disclosed amount will generate more employment, strengthen share market and boost economic activities, he said.
In 2010-2011 fiscal, the government has offered an opportunity to invest undisclosed money in 'infrastructure bond' with 10 per cent tax.
An amount of around Tk 10 billion in undisclosed money was legalised in the just concluded fiscal under the government's offer for investment in three major sectors---new industries, real estate and share market, that expired on June 30, 2010.
A total of 1923 people availed of the opportunity in 2009-2010 declaring Tk 9.22 billion investment with 10 per cent tax in these selected sectors. The National Board of Revenue (NBR) has collected tax worth Tk 1.21 billion from the disclosed amount.
Investment in share market ranked the top position among the sectors, where 296 people have whitened Tk 4.26 billion. The government has received tax worth Tk 420 million from investment in share market.
The highest number of people, around 1320 persons, has invested in apartments/flats in the just concluded fiscal. Around Tk 280 million was legalised in this sector contributing nearly Tk 290 million to the national exchequer.
A total of 162 people invested Tk 2.39 billion undisclosed money in new industries availing the government offer. The NBR has received tax worth Tk 230 million from the disclosure.
When it comes to old industries (Balancing, Modernisation, Renovation and Expansion), a total of 145 people formalised Tk 2.57 billion paying Tk 250 million tax in 2009-2010 fiscal.
Officials said the NBR has received a huge rush of undisclosed money holders in the last month (June) of the current fiscal after the government in the budget for 2010-2011 fiscal has confirmed the discontinuation of the facility from July 1, 2010.
Only 180 people has availed of the facility in the first 11 months of 2009-2010 fiscal showing Tk 693 million in undisclosed money. The government has bagged Tk 73 million tax from the declared money.
In share market, some 23 persons legalised their money worth Tk 230 million until May with Tk 23 million in tax, while 72 persons invested in flats or floors, 13 persons in new industries and 3 in old industries.
Tax officials said the actual figure of undisclosed income will be finalised after expiry of time for tax return. People could invest their undisclosed income in 2009-2010, but they were to show it in the tax return. It is not mandatory to declare the amount before expiry of the year.
In the first quarter (July-September), only eight persons availed themselves of the opportunity by disclosing amount worth Tk 30 million with Tk 3.5 million in tax.
The NBR received Tk 8.02 billion taxes in 2007-08 and Tk 1.02 billion taxes in 2008-09 by extending the similar kind of offer.
Previous black money whitening schemes were not for raising investment. The offers were open to all. People were required to just declare their undisclosed money with a penalty tax to formalise their money.
"The country will be benefited from the just expired opportunity as it was focused on revving up investment," a senior tax official said.
All of the Tk 10 billion disclosed amount will generate more employment, strengthen share market and boost economic activities, he said.
In 2010-2011 fiscal, the government has offered an opportunity to invest undisclosed money in 'infrastructure bond' with 10 per cent tax.