NBR favours legalising untaxed money03 May 2014
The National Board of Revenue chief thinks 'special opportunity' should be given in investment of undisclosed money, widely called 'black money', to keep it in Bangladesh.
Chairman Ghulam Hussain argued on Wednesday that there were fears that undisclosed money will be siphoned off unless opportunity was given to invest it in the country.
"To prevent it from happening, undisclosed money has to be channeled to investment. And for that, special opportunity has to be given on condition that the money will be taxed."
Hussain was speaking at a pre-budget meeting with the Economic Reporters' Forum in the capital.
He said rich countries, specially the USA, Canada, Malaysia and Singapore, were allowing investment of undisclosed money from other countries.
"In such a situation, if we don't give the scope for investment of undisclosed money in our country, the money might be siphoned off to those countries."
The revenue board chief said nobody would be interested in showing their undisclosed money if they had any fear of being jailed.
"That's why progressive and courageous initiatives are necessary."
Hussain said the rate at which investment of undisclosed money could be taxed may be discussed.
Income Tax Ordinance provides for investment of undisclosed money on payment of a certain rate of taxes, but no sizable amount has been invested in the current fiscal.
ERF President Sultan Mahmud, General Secretary Sazzadur Rahman and NBR Members Farid Uddin, Jahangir Hossain and Syed Aminul Karim were present at the meeting.