• Friday, July 25, 2014

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National Board Of Revenue

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...

Black money amnesty may run into next year

Black money amnesty may run into next year

The existing opportunity to legalise black money via purchase or construction of flats looks set to be extended into the upcoming fiscal year, despite repeated denials by the finance minister. The government may increase the existing tax rate for purchase or construction of flats to finance the budget of Tk 250,510 crore, finance ministry...

Micro lenders may come under tax net

Micro lenders may come under tax net

The government plans to impose 10 percent tax on net income of microfinance institutions (MFIs) from the next fiscal year. The National Board of Revenue had taken such a move in 2005, but later shelved the plan in the face of opposition from different quarters, including micro finance operators. There are 700 MFIs in the country now. The government is finding new sources of income tax and value added tax as the revenue collection target for the upcoming fiscal year may rise 20 percent to Tk 149,720 crore from the revised target of the outgoing year. In the upcoming fiscal year, the NBR aims to collect the highest amount of revenue from...

NBR plans to cut tax rebate for individuals

The National Board of Revenue is likely to propose reduction in tax rebate against investments and donations by individual taxpayers, insiders said. The proposal may be included in the upcoming budget amid reports from NBR's field offices that increased tax rebate, now 15 percent on investments and donations in certain areas, has affected revenue collection. The government at the beginning of the current fiscal year raised the tax rebate to 15 percent, from 10 percent in the previous year. The investment...

Don't raise tax, widen the net

Don't raise tax, widen the net

The apex chamber yesterday urged the government to widen the tax net instead of raising rates in the budget for the next fiscal year.   "If it is done, it will not put any pressure on the regular taxpayers," said Kazi Akram Uddin Ahmed, president of the Federation of Bangladesh Chambers of Commerce and...

NBR's tax receipts remain sluggish

NBR's tax receipts remain sluggish

Revenue collection remained sluggish in the first eight months of the fiscal year, with the National Board of Revenue recording the lowest year-on-year growth in tax receipts for the period in the last seven years. Between July and February, collections rose 8.66 percent year-on-year to Tk 68,344 crore, according to data from NBR. Lower receipts...

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