Income generating sector fetch the amount, housing yet to be assessed
The amount of undisclosed money legalised by paying income tax along with penalty increased by more than three times or 282 per cent in the last fiscal year compared with that of the previous fiscal year, according to the National Board of Revenue.
NBR data showed 222 undisclosed-money holders legalised Tk 676.47 crore in the FY 2014-2015 under the provision of voluntary disclosure of income of the Income Tax Ordinance-1984 and the revenue board received Tk 27.54 crore in income tax from them.
Of the 222 people, 115 were from Chittagong region, 42 from Dhaka region, 25 from Comilla region, 17 from Sylhet region and the rest were from other regions.
Of the amount, 11 people legalised highest Tk 306 crore under the large taxpayers’ unit of the NBR.
In the FY 2013-2014, a total of 157 people had availed the facility and legalised Tk 177 crore through investing in different income generating sectors and paid the NBR around Tk 20 crore in income tax under the opportunity being offered since 2012.
As per rules, the NBR, however, does not disclose the names of the persons.
Under the section 19E of the ordinance, untaxed money can be invested in income-generating sectors such as ‘industrial enterprises, balancing, modernisation, renovation and extension of an existing industry, building, apartment, land, securities listed with stock exchanges and any trade, commercial and industrial venture engaged in production of goods and services’ by paying 10 per cent penalty of income tax along with tax at applicable rate.
The applicable income tax rates range from 10 per cent to highest 30 per cent.
Officials said that the number of taxpayers, volume of legalised untaxed money and income tax paid might increase after finalising the data.
They said that though the volume of money legalised increased in the last fiscal year compared with that of the previous year, the amount of taxes paid did not increase proportionately.
The revenue board will look into the matter to find out reasons, they added.
Untaxed-money holders can also legalise such money under the section 19BBBBB of the ordinance through purchasing residential building and apartments by paying tax at varying rates for different cities and areas in the country up to Tk 7,000 a square metre.
The NBR is yet to finalise the data on money legalised in this sector.
In the 2013-14 fiscal year, 2,550 people had legalised their untaxed money through purchasing residential houses and apartments under the provision.
The provision of legalising untaxed money had been there in the country in different forms in several times since 1976.
People holding untaxed money so far legalised about Tk 14,000 crore and the government got about Tk 1,500 crore in taxes.
A finance ministry study shows the size of the untaxed money lies somewhere between 46 per cent and 81 per cent of the country’s gross domestic product.
NBR data showed 222 undisclosed-money holders legalised Tk 676.47 crore in the FY 2014-2015 under the provision of voluntary disclosure of income of the Income Tax Ordinance-1984 and the revenue board received Tk 27.54 crore in income tax from them.
Of the 222 people, 115 were from Chittagong region, 42 from Dhaka region, 25 from Comilla region, 17 from Sylhet region and the rest were from other regions.
Of the amount, 11 people legalised highest Tk 306 crore under the large taxpayers’ unit of the NBR.
In the FY 2013-2014, a total of 157 people had availed the facility and legalised Tk 177 crore through investing in different income generating sectors and paid the NBR around Tk 20 crore in income tax under the opportunity being offered since 2012.
As per rules, the NBR, however, does not disclose the names of the persons.
Under the section 19E of the ordinance, untaxed money can be invested in income-generating sectors such as ‘industrial enterprises, balancing, modernisation, renovation and extension of an existing industry, building, apartment, land, securities listed with stock exchanges and any trade, commercial and industrial venture engaged in production of goods and services’ by paying 10 per cent penalty of income tax along with tax at applicable rate.
The applicable income tax rates range from 10 per cent to highest 30 per cent.
Officials said that the number of taxpayers, volume of legalised untaxed money and income tax paid might increase after finalising the data.
They said that though the volume of money legalised increased in the last fiscal year compared with that of the previous year, the amount of taxes paid did not increase proportionately.
The revenue board will look into the matter to find out reasons, they added.
Untaxed-money holders can also legalise such money under the section 19BBBBB of the ordinance through purchasing residential building and apartments by paying tax at varying rates for different cities and areas in the country up to Tk 7,000 a square metre.
The NBR is yet to finalise the data on money legalised in this sector.
In the 2013-14 fiscal year, 2,550 people had legalised their untaxed money through purchasing residential houses and apartments under the provision.
The provision of legalising untaxed money had been there in the country in different forms in several times since 1976.
People holding untaxed money so far legalised about Tk 14,000 crore and the government got about Tk 1,500 crore in taxes.
A finance ministry study shows the size of the untaxed money lies somewhere between 46 per cent and 81 per cent of the country’s gross domestic product.
Source: New Age