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Black money worth Tk 30b may be whitened this fiscal
6/1/2006
 

          Black money worth Tk 30 billion is expected to be whitened during the current financial year, officials of the National Board of Revenue (NBR) said, reports UNB.
Sources said the holders of untaxed money are in a hurry to avail themselves of the opportunity.
After Finance and Planning Minister Saifur Rahman's remark at a recent pre-budget meeting with the Economic Reporters' Forum (ERF) that the government would not give any more time to whiten black money, hurried moves are there to whiten the black money by this month.
During the past fiscal year (2004-05), the coalition government gave the opportunity for whitening the black money for one year. The opportunity was extended for another year, with the hope that a huge amount of undisclosed money still held by 'fat cats' would be invested in productive ventures by paying a tax of 7.0 per cent.
After the budgetary announcement, a sum of Tk 9.0 billion untaxed money was whitened in the first ten months (July-April) of this fiscal year.
According to sources, people holding huge amount of black money are coming to the NBR office every day to whiten the same as only a few more days are left before the next budget comes into effect.
An NBR official said that the amount of the black money that was whitened last month was substantial. But he could not give the exact figure.
"We are very much optimistic about legalising Tk 30 billion this fiscal year, which will give Tk 2.25 billion to the public exchequer as taxes."
In the first six months of the current financial year, black money worth Tk 750 million, Tk 400 million and Tk 350 million were whitened in Dhaka, Chittagong and other zones respectively. The public exchequer received a total of Tk 112.5 million as taxes on account of whitening this money.
Although Finance Minister's announcement triggered some resentment among the holders of black money, it is expected to fetch a good amount of taxes for the exchequer, the sources said.
On the other hand, the holders of black money whitened through fake Tax Identification Number (TIN), according the NBR officials. The NBR already has identified some doctors, lawyers and businessmen in this connection.
Central Intelligence Cell (CIC) of the NBR is now examining the TIN-holders who had whitened black money. "We are now checking the same number for income tax return," said an official of CIC.
Also, the CIC is examining the cases of persons who have got whitened their black money for amassing more black money.

 

 
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