NBR gets poor response to amnestyJasim Uddin
The National Board of Revenue got a very poor response to the amnesty for investment of undisclosed money in productive sectors and stock markets as such money holders legalised only Tk 293 crore in last financial year 2012–13, NBR officials said.
According to the NBR data, some 352 people legalised their untaxed money by investing in the share markets and some productive sectors in the last FY.
The revenue board got Tk 49.09 crore in taxes from the legalisation of untaxed money in the FY, the data showed.
‘Only 273 people legalised Tk 130 crore of untaxed money through investing in the income generating and productive sectors in the FY and the NBR got Tk 33.06 crore as revenue from it,’ an NBR official told New Age last week.
On the other hand, only 79 people legalised around Tk 163 crore of undisclosed money through the stock market in the FY13 and the NBR got Tk 16.03 crore in taxes, he said.
The NBR, however, would not disclose the names of the investors who legalised their money.
In the FY13, the NBR provided a general scope to legalise untaxed money by investing in any income generating and productive sectors by paying 10 per cent penalty of total tax along with paying regular tax at the rate of 25 per cent.
On the other hand, the NBR in the FY13, like the FY11 and the FY12, kept the provision of legalising untaxed money by investing in the stock market paying only 10 per cent tax in a desperate effort to boost the volatile stocks which suffered a severe crash in 2011 sparking widespread street protests.
The NBR data showed that such money holders responded poorly to the amnesty opportunity and invested very little in both the sectors.
The officials said money legalising facility by paying 10 per cent tax did not much attract the holders of undisclosed money in the last FY and it also failed to prop up the ailing stock market and the country’s overall investment scenario.
Observing the insignificant response from such money holders, the revenue board withdrew the scope to legalise undisclosed money through investments in stock market for the current FY14.
The NBR, however, provided such scope for buying apartments by paying only 10 per cent tax.
A general provision, however, has also been kept in the Finance Bill-2013 by allowing such money for investment in any income generating and productive sectors by paying 10 per cent penalty of total tax along with paying regular tax at the rate of 25 per cent.
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The National Board of Revenue got a very poor response to the amnesty for investment of undisclosed money in productive sectors and stock markets as such money holders legalised only Tk 293 crore in last financial year 2012–13, NBR officials said. According to the NBR data, some 352 people... Full story
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