Extension of time for declaration of undisclosed money

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The National Board of Revenue (NBR) has extended the date for filing income tax returns but not the deadline for declaring undisclosed or undeclared money. As a banker I can say with impunity that the bulk of money deposited in banks by stakeholders in the form of certificates and fixed deposits have not been declared as it is time consuming and cumbersome. If they had done so, there would have been a run on the banks.
The NBR should at least give the stakeholders enough time until the filing of income tax returns next year in 2008 to disclose the money still remaining undeclared. We just cannot change our culture overnight. The money deposited as FDRs and savings certificates have been instruments for the middle and upper middle classes to earn a living for ages. Many of the depositors are still in the dark and do not know what to do. The concerned authority has not orchestrated its cause in a polite and non-intimidating manner. Rather, fear and scare were instilled among the depositors until the very recent past. The concerned authority should publicise the matter more forcibly in the media more often and regain the confidence of the depositors. If it can project itself as a friend of the depositors instead of being a demonising foe I am sure by 2008 most of our valued customers will declare their undeclared assets and the NBR will be able to get its levy on it without any coercion or instilling of fear and intimidation factor. The banks too could be approached to persuade the customers and make the taxation procedure easier for them. It requires time and but it cannot and should not be pushed through.
Many of the bank customers who have accumulated money over decades through inheritance, sale of land and other genuine sources may not also be able to produce proper documents. On top of that, billions of takas have been whitened by giving a 7.5 per cent penalty by delinquents of the past government.
Reforms in any sector have to be a smooth ongoing process under the supervision of an elected democratic government. Reforms cannot be pushed down one's throat forcibly under any extra-ordinary powers. It might then be regurgitated if such changes are challenged later in a court of law at the return of democracy.
Finally, I would request the honourable Chairman of the NBR, who I am sure is a darn honest person and a man of principle and integrity to extend the deadline at least until the end of July, 2008.
A concerned banker