Reveal source or lose money!

Dhaka, July 10 (bdnews24.com) ? Undisclosed and uninvested income should be confiscated, the prime minister's financial advisor has said.

"Not the invested money, rather if they do not invest the money, but cannot show its source, it should be confiscated," Mashiur Rahman told a National Board of Revenue (NBR) programme observing the first National VAT Day.

In 2011-12 budget, the government approved investment of undisclosed money in stock market and government treasury bonds with a 10 percent tax at source. The investor would be then exempted from revealing the source of their income.

Mashiur's comments came following a complaint raised at the event by the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) president Abul Kalam Azad.

"We must come out of this culture of whitening black money. I am paying a 62 percent tax (37.5 percent corporate tax and 25 percent income tax). And someone else is paying 10 percent. This is injustice," he said.

He went on to say that a former NBR chairman had found Tk 100 million in an officer's bank account. "The officer was unable to show the source of that income, but he still has his job," he said.

VAT DAY OBSERVED

At the discussion on VAT Day, finance minister A M A Muhith spoke about his ambitious budget.

"We have big dreams, but limited ability. We need more revenue to bring them to par," he said.

"VAT is not harassment, it is your participation in the nation's service," he added.

Muhith said that the VAT Day had been introduced to dispel the misgivings and misconceptions about the tax.

bdnews24.com/rb/sh/nir/1930h

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