The Financial Express

Tax from black money surges to Tk 102b as over 7,600 cleanse income

| Updated: January 05, 2021 21:36:20

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Some Tk 102.20 billion undisclosed income came into the formal channel in the first half (H1) of the current fiscal year, helped by the government's blanket opportunity.

In a statement on Monday, the National Board of Revenue (NBR) said some 7,650 people legalised their income by paying tax in the July-December period.

However, the opportunity would remain valid until June 30, 2021.

According to final data, the board received Tk 9.62 billion taxes from July 1 to December 31, 2020 period from the black money holders.

The NBR also received tax returns and time petitions from 2.4 million taxpayers during this period registering a 9.0 per cent growth over the same time a year earlier.

The time for submission of tax returns by individual taxpayers expired on December 31, 2020. Last year, around 2.2 million taxpayers submitted their tax returns to the NBR.

In the statement, the NBR revealed income tax collection data for the first half of the current fiscal reached Tk 342.38 billion, up by Tk 15.45 billion during the same period last year.

The target for income tax collection has been set Tk 1.05 trillion in the current fiscal.

NBR officials said the disclosure of income under the opportunity has already broken all previous records.

Until December 31, 2021, some 7,445 individual taxpayers legalised their undisclosed moveable and immovable properties paying Tk 9.39 billion tax.

Also, some 205 taxpayers formalised their income by investing in the country's capital market.

In the press statement, the NBR said, the disclosed money would play a special role in boosting investment, creating jobs and enhancing gross domestic product.

NBR chairman Abu Hena Md Rahmatul Muneem congratulated the taxpayers on filing tax returns and paying taxes, risking the Covid-19 infections. Officials said taxpayers formalised their income by investing in land, apartments paying taxes at various rates fixed by NBR.

However, the NBR allowed disclosure of income in cash, debenture, capital market and other securities by paying 10 per cent tax at a flat rate.

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