• Monday, September 15, 2014

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National Board Of Revenue

NBR's online tax system floundering

With much enthusiasm, a big foreign bank filed its tax returns online just after the Large Taxpayer Unit (LTU) launched its electronic system in 2009. Three years later, it returned to the manual system. That was not a unique case. Most companies that had signed up for the e-filing system at LTU of the National Board of Revenue returned to the old method. About 11 firms submitted returns online last fiscal year, according to NBR, down from 33 in fiscal 2009-10, when...

Tax collection off to a slow start

Tax collection off to a slow start

The tax authority's ambitious collection target for the fiscal year started off on a dispiriting note, with a shortfall recorded in the opening month. In July, the National Board of Revenue collected Tk 7,988 crore against the monthly target of Tk 9,053 crore, due to weak receipts from value-added tax and supplementary duty. The...

Contract pharma makers to see 10pc advance tax

Drug makers engaged in contract manufacturing will have to pay 10 percent advance taxes on the service or toll charge, the National Board of Revenue said. The revenue authority said making medicine for others firms under contract manufacturing (CM) will be treated as a service and advance taxes would have to be paid on the service charge. Pharmaceutical companies, for whom the CM operators will make drugs, will have to deduct the tax during bill payment, said NBR in a letter...

NBR tightens rules for rent payment

The National Board of Revenue has tightened rules for businesspersons and professionals who rent properties for commercial or residential purposes. These people will now have to pay rents of properties through crossed cheques or bank transfers, a move that taxmen say will help plug tax loopholes. "Otherwise, the rents will not be admissible as expenses," the NBR said in a notice on Monday. It means businesspeople and professionals will have to pay more tax if they do not pay such rents through...

Black money flying abroad

Black money flying abroad

When money laundering is as easy as slicing a cake and the money is safe abroad, why anyone would want to legalise his black money is a question that seems to have no answer. And even if one wants to do so, he is discouraged by the complex legal structure and the vengeful political culture in the country. This is evident in the black money holders' lukewarm response to the government's repeated declarations of amnesty to them. In the fiscal 2013-14, only Tk 237.78 crore was whitened, with the government getting Tk 45 crore in taxes. The response was slightly better in the previous four fiscal years -- Tk 451 crore...

Tax receipts from wealthy up 30pc

Tax collection from the wealthy rose 30 percent year-on-year last fiscal year, thanks to increased monitoring by the National Board of Revenue. In fiscal 2013-14, some Tk 131 crore was collected as wealth surcharge, according to data from the NBR. NBR officials are expecting collections in the region of Tk 500 crore for fiscal 2014-15 following the introduction of two additional slabs of surcharge in the budget. Under the scheme, people with net wealth of more than Tk 20 crore but lower...

2,500 industrial polluters to face green tax

The National Board of Revenue is set to impose green tax on about 2,500 polluting industrial units in a bid to compel them to cut back on their pollution. The industrial units will have to deposit 1.0 percent of the receipts from their products to the state exchequer, a senior NBR official said yesterday. “We will soon issue a notice with the names of these polluting units to collect the surcharge,” he said, adding that the revenue authority has already gathered...

NBR misses collection target by 3.6pc

The National Board of Revenue fell short of its tax collection target for fiscal 2013-14 by 3.59 percent, or Tk 4,488 crore, due to lower receipts from income tax and VAT from domestic sources. Overall collections though rose 10.41 percent year-on-year to Tk 120,512 crore, according to data from the revenue authority which released its annual collection figures yesterday. With the receipts falling below last year's target of Tk 125,000 crore, taxmen will now have to log in a 24 percent...

Cheers for black money holders

Cheers for black money holders

The government has allowed unquestioned legalisation of black money in real estate, a move that reflects the finance minister's apparent U-turn and surrender to the pressure of corrupt politicians, bureaucrats and influential realtors. The decision comes three weeks after AMA Muhith publicly vowed to discontinue “all sorts of scope for legalising black money” from...

Not a large budget: WB

Not a large budget: WB

The budget for fiscal 2014-15 is not large if the country's vast development needs are taken into account, the World Bank said yesterday. Zahid Hussain, lead economist of the multilateral lender's Dhaka office, said Tk 250,506 crore-budget is consistent with countries that are in similar stages of development. “There are also the vast development needs,”...

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