NBR Chief Wants Black Money In Economy
Tuesday, 10 March 2009

Black or white, all money should be brought into the mainstream economy, the top tax-man has said.

"We want no money to lie unused," National Board of Revenue chairman Mohammed Abdul Mazid said Monday after a pre-budget meeting with a delegation of the Dhaka Chamber of Commerce and Industry at his office.

DCCI president Zafar Osman proposed that the upcoming budget for 2009-10 fiscal year should allow investment of the unaccounted money in the industrial sector and capital market.

He argued that more employment will be generated if the budget had the provision.

Mazid said the world economy is in a tailspin. It cannot be said for certain how much foreign aid and investment would come.

"That is why we need to make best use of our own money. The more money will is used, the more robust the economy will get. It will enhance the revenue, generate more employment."

The NBR chief however said idle money has to be channeled into the mainstream economy keeping the income tax law intact.

He urged the Dhaka chamber to send definite recommendations to the NBR in a few days.

The chamber leaders asked for raising the threshold to individual tax limits and tax holiday of farm-based industries for five years.

The ongoing budget allowed legalisation of unaccounted money on payment of a 7.5 percent fine following demands by industrialists and businessmen.

Source: bdnews24.com

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