• Wednesday, September 03, 2014

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National Board Of Revenue

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,”...

C&F agents call off strike

The clearing and forwarding agents at Kamalapur Inland Container Depot called off their strike yesterday after the revenue authority promised to accept their logical demands. Activities at the ICD, hit by the strike enforced by a section of C&F agents since June 8, resumed yesterday afternoon, customs officials and C&F agents said. The deadlock ended after the officials of National Board of Revenue sat with the leaders of Dhaka Customs Agents Association (DCAA) and the strikers. At the meeting, the NBR promised...

NBR clips tax officials' clout over businesses

The tax authority has reduced its revenue officials' discretionary power to penalise businesses for VAT evasion, a move that is expected to give entrepreneurs relief from the fear of harassment and rent-seeking behaviour. The revised VAT law by the National Board of Revenue stipulates that officials can now release the businesses' goods after imposing a fine that is one-fourth to half of the evaded VAT amount instead of confiscating the goods altogether. The move comes in response to complaints from businessmen...

Tax Dodging

Landlords to be fined 50pc of house rent

Landlords would have to pay half the rent in fine if they dodge taxes on the income. The National Board of Revenue (NBR) would formulate rules in this regard after the budget proposal of the finance minister has been passed. NBR Chairman Ghulam Hussain at the post-budget press conference of the finance minister at Osmani Memorial Auditorium in Dhaka yesterday revealed the plan. Despite scepticisms among analysts on its success, the NBR boss defended the move saying that it would make...

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