The New Nation - Internet Edition

UNB, Dhaka

Government's last offer for legalizing undisclosed money has got poor response as only 92 persons came up to avail the opportunity, although nearly half the amnesty period goes by.

A lot many others holding the undisclosed, but legally earned, money seem hesitant in view of the nemesis of the moneyed men in the wake of the crackdown or look to a last-hour chance.

The fiscal clemency time ends in October. But, according to the National Board of Revenue, only 92 of the tax delinquents have disclosed a sum of Tk 3,38,14,557 to the NBR paying Tk 23,90,750 in penalty till August 14.

NBR chairman Muhammad Abdul Mazid at a press briefing yesterday admitted the lukewarm response and said as per their information the undisclosed money holders were now taking preparation to disclose their money in their income-tax return.

"The taxpayers are trying to include the undisclosed money in their current year's statement as this year's legal income as much as they can, while the rest of the money they will get legalized by paying the penalty. This is the strong reason behind the poor response of the taxpayers until now," he said.

The renewed chance to show undisclosed money earned by legal means, starting from July 1 for a short period of four months, came under the offer given by the present caretaker government while a fight is on against corruption.

This is for a second consecutive time the present non-party government is conceding chance to people who did not disclose their legally earned money, and thereby evaded paying the wealth tax.

Finance Adviser Mirza Azizul Islam in his budget speech on June 9 said that the individual taxpayers could declare their undeclared legal income accrued in any year in a prescribed format.

But the individuals have to pay a penalty at the rate of 7.5 per cent on the tax payable in addition to the regular taxes at the rates applicable for FY 2008-09. This window of opportunity will remain open from July 1, 2008 to October 31, 2008.

The NBR chairman from the press briefing warned the taxpayers that their drive against the tax-dodgers would not stop in the ongoing legalization time.

"Let me confirm you that we did not stop our drive-it is going on and will be continued in tougher form," Mazid said.

Indicating his recent move to the upazila level to motivate the eligible people to come under the tax net and bring 9778 new taxpayers onto the tax net in July, he said, "This doesn't mean that we are leaving the taxpayers in Dhaka-we are strengthening our drive in Dhaka."

For increasing the revenue collection the NBR has taken two strategies -motivate the eligible persons to come under the tax net and dig out the tax-dodgers.

Responding a question the NBR chief said his organization has taken various steps, including introducing one-stop service, to make the tax-payment system easier.

"After adopting total automation in the NBR the taxpayers might be able to pay their taxes in online system."