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 Undisclosed money could go into land, flat purchase Govt set to revive scrapped tax provision

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PostSubject: Undisclosed money could go into land, flat purchase Govt set to revive scrapped tax provision   Wed Jun 02, 2010 12:09 am

Doulot Akter Mala

The government is likely to reintroduce the opportunity to invest undisclosed money in land and more than one flat in the upcoming budget following strong recommendations by income tax authorities.

The National Board of Revenue (NBR) is set to revive the income tax provision that was scrapped during the caretaker government's tenure, in June 30, 2007.

The scraped income tax provision offered the opportunity to invest undisclosed money in purchase of cars, flats and land which continued in 2002-2007. Taxmen will not raise any question about the declared amount accompanying payment of a certain amount of tax.

In 2006-07, the government received Tk 2.05 billion in tax from this offer. Of the amount, Tk 1.25 billion tax was collected from investment in flats, Tk 680 million from land purchase and Tk 130 million from investment in motor vehicles.

In the current fiscal, the government offered an opportunity for investment in some selective investment-incentive sectors with 10 per cent penal tax.

The existing opportunity of investment of undisclosed money in the capital market, industries and flats drew an extremely poor response in the first ten months. Nearly 100 people have availed themselves of the opportunity so far, officials said.

"The revenue board has felt the necessity to bring changes to the existing condition attracting people to invest their undisclosed money in lands, and flats on the basis of per square metre," said a senior tax official.

There was a proposal to include investment of undisclosed money in cars, but it was not taken into the consideration, he said.

The board has prepared a summery for the finance ministry's consent to introduce the fiscal measure with the finance bill-2010, the official said.

After getting the approval, it will move forward with the measure, he said.

Top income taxmen are willing to give the opportunity for more than one flat, as it has been found that people constructed three to four-storied buildings facing difficulties in availing the opportunity, he said.

"House construction costs often create dispute between taxmen and taxpayers. It is not easy to assess the actual construction cost of a house," the official said.

Fixation of specific tax rates on the basis of per square metre is an easy way to avoid the dispute and make the tax payment system simpler, he said.

The government has received taxes worth Tk 9.0 billion in the last two offers on whitening black money with penal tax.

A large amount was whitened during the regime of the caretaker government due to a massive crackdown on tax evaders.

The opportunity has received responses from 42,591 people who declared Tk 88.95 billion with the payment of 5.0 per cent penal tax in addition to the normal tax rate.
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Undisclosed money could go into land, flat purchase Govt set to revive scrapped tax provision
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