Undisclosed money legalisation time expires today
Sunday, 2 November 2008
FE Report
The time for declaring undisclosed income expires today (Sunday) and the National Board of Revenue (NBR) expects a last minute rush of people to avail of the opportunity.
Tax offices saw a large number of people declaring their undisclosed income in the past two days, said a senior tax official.
Until October 28, around 4400 people disclosed their undeclared income worth Tk 2.70 billion. The NBR has mopped up taxes worth Tk 380 million from the amount.
The government made the offer in the current fiscal targeting the specific group of people, who seems reluctant to avail of the opportunity, he said.
Talking to the FE, the NBR chairman Muhammad Abdul Mazid said: "From today (November 1) we will launch a massive drive to find out big wigs who are still out of tax net and also those paying less tax compared with their actual income."
Along with district towns, the drive will be simultaneously carried out in the divisional cities.
"I have attended in a meeting in Chittagong Saturday to motivate new taxpayers where around 840 new taxpayers paid tax worth Tk 140 million through filing tax returns and declaring undisclosed income," he said.
People with undisclosed income might have to face legal action or pay higher penal tax if they are identified by taxmen, they said.
The penal tax rate is 7.0 per cent, but if tax evasion is detected by the taxmen than it will be 10 per cent and annually rise by 10 per cent to 50 per cent for five years.
The time for declaring undisclosed income expires today (Sunday) and the National Board of Revenue (NBR) expects a last minute rush of people to avail of the opportunity.
Tax offices saw a large number of people declaring their undisclosed income in the past two days, said a senior tax official.
Until October 28, around 4400 people disclosed their undeclared income worth Tk 2.70 billion. The NBR has mopped up taxes worth Tk 380 million from the amount.
The government made the offer in the current fiscal targeting the specific group of people, who seems reluctant to avail of the opportunity, he said.
Talking to the FE, the NBR chairman Muhammad Abdul Mazid said: "From today (November 1) we will launch a massive drive to find out big wigs who are still out of tax net and also those paying less tax compared with their actual income."
Along with district towns, the drive will be simultaneously carried out in the divisional cities.
"I have attended in a meeting in Chittagong Saturday to motivate new taxpayers where around 840 new taxpayers paid tax worth Tk 140 million through filing tax returns and declaring undisclosed income," he said.
People with undisclosed income might have to face legal action or pay higher penal tax if they are identified by taxmen, they said.
The penal tax rate is 7.0 per cent, but if tax evasion is detected by the taxmen than it will be 10 per cent and annually rise by 10 per cent to 50 per cent for five years.