NBR to launch drive to identify black money from July 1
Star Business Report
The National Board of Revenue (NBR) will launch a vigorous drive to identify black money after the expiry of money whitening provision fromJuly 1, 2006, NBR Chairman Khairuzzaman Chowdhury said yesterday.He also said around Tk 2,500 crore black money was whitened until last week and the amount will surpass Tk 3,000 crore by June 30, the last date of money whitening by paying only 7.5 per cent tax. He was speaking at a workshop titled "Customs, VAT and Income Tax Related Rules" in Dhaka. Economic Reporters Forum (ERF) and NBR jointly organised the workshop where revenue board members Zahir Mohammad, ATM Sarwar and Mohammad Alam and ERF President Zakaria Kazol and General Secretary Nazmul Ahsan also spoke. Khairuzzaman also told the workshop the NBR may request the government to set up a special tribunal for speedy disposal of the tax- related cases as around 1,100 VAT-related cases involving Tk 800 crore remain pending. A separate High Court bench has already been introduced to expedite tax-related cases, which the NBR considers inadequate. Besides, the revenue board has appointed two consultants to upgrade and modernise the existing VAT collection system. The NBR is also working to enhance co-ordination among the three tax departmentsIncome Tax, Customs Duty and VAT to boost revenue from internal sources. First Secretary (customs) Golam Kibria, First Secretary (Income Tax ) Apurba Kanti Das and First Secretary (VAT ) Pijush Kanti presented key note papers in the daylong workshop. Around 30 reporters from electronic and print media participated in the workshop.
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