|
Undeclared money Staff Correspondent Chairman of the National Board of Revenue Mohammad Abdul Mazid Sunday snubbed growing calls for the government to let businessmen legalise and invest undeclared money in "productive sectors" without paying penalty charges.
"The national elections set for December will help boost revenue collections in fiscal 2008-09. Steps will be taken for the first time in the country to collect revenues directly from upazila level to increase revenue earnings," Mazid said.
Speaking at a post-budget press conference at the NBR, the NBR boss said: "The budget proposes a provision for legalising undeclared income by paying a 7 percent fine in addition to regular income tax."
However, the NBR says the people against whom the cases of tax evasion have been proved or on trial will be barred from the provision.
"NBR has issued a circular to make things clear."
"The government has decided to impose a 7 percent fine after giving much thought to the issue."
"Legalising undeclared income without fine won't be considered in any case," Mazid said.
But the scope for legalising undeclared income was not meant to boost revenue earnings, he asserted.
"This provision is there in the income tax ordinance which enables taxpayers to legalise undeclared money if they have not legalised legally-earned money for some reason," Mazid explained.
Many paid tax out of fear because of an anticorruption drive last year which increased revenue earnings in fiscal 2007-08, the NBR boss said.
"Now the anticorruption drive is slackened. After the election, a political government will come to power and many may be unwilling to pay tax."
Asked whether the ambitious tax collections target would be reached, Mazid said: "The amount of revenue collections will not decrease due to elections. Rather it will increase, because many candidates will pay tax to take part in the election."
On expansion of the tax net up to upazila level, the NBR chairman said: "NBR officials will go to the field to collect revenue from July 1."
"NBR offices will be set up in districts where there is none. District offices will monitor revenue collections at upazila level."
Since the import duty structure has been changed from three tiers to four in the proposed budget in the new fiscal year, the state coffers will receive Tk 1,100 less import duty in the new fiscal year, he said.
In fiscal 2007-08, the target of revenue collections under NBR was Tk 43,850 crore, which was revised up to Tk 45,970 crore.
In 11 months (July-May) of the fiscal year, the revenue collection was Tk 39,728 crore. In the budget for the next fiscal year, the revenue collection target has been set at Tk 54,500 crore.
The apex body of businessmen and industrialists, FBCCI, Dhaka Chamber of Commerce and Industry (DCCI) and other trade bodies demanded scope for investment of undeclared income in productive sectors without fine.
|
News 
RSS