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NBR to gain powers to curb money laundering

By UNB, DHAKA
06th-May-2015       
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National Board of Revenue (NBR) Chairman Md Nojibur Rahman on Tuesday said a process is underway to empower NBR to tackle money laundering.
"A process is on to provide the NBR with special powers for curbing money laundering," Rahman said at a pre-budget meeting with members of the Economic Reporters' Forum (ERF) at the NBR in the capital.
The NBR chairman said they are trying to institutionalise Tax Deduction at Sources (TDS). Currently 57 percent of income tax comes through TDS, he added.
He said the NBR is working as a living entity and there is no lack of coordination there.
Rahman also said there is no alternative to enhancing domestic resource mobilization for the development of the country.
Earlier at the meeting, ERF members suggested the NBR boss make the process of filing income tax returns easier, to protect industry and adopt environment-friendly tax policy.
ERF President Sultan Ahmed Badal said illegal capital flight is taking place due to lack investment-friendly environment in the country.
He also stressed the need for protection of industry for making Bangladesh a brand for investment.
Badal suggested implementing an enhanced tax rate for protection of the environment.
ERF General Secretary Sajjadur Rahman recommended exploration of new areas for enhancing the tax net.
NBR members Farid Uddin (Customs Policy) and Parvez Iqbal (Income Tax Policy) as well as ERF members were present at the meeting.

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