Finance Minister Abul Maal Abdul Muhith is trying to kill two birds in one year in the next fiscal year.
There are many more revenue-earning initiatives by calculating tax evasion from tax evaders, in the bill of the proposed budget.
As it is trying to increase revenues on one hand, there is also the scope for tax evasion against the money launderers and there is also the opportunity to get a chance from the public, in front of the Finance Minister.
From the common man to the economist, government policymakers think that the small amount of the country's income tax is to be paid.
A large part of the income tax payers tried to evade tax in many ways.
The Finance Minister and the National Board of Revenue (NBR) have been saying all the time to stop excess tax and tax evasion by imposing additional VAT and tax burden on the common people. Economists, businessmen and well-wishers have been saying all the time.
The finance minister has presented a budget proposal for the fiscal year 2018-19 in the Jatiya Sangsad on Thursday, in which there are several stringent initiatives to stop tax evasion.
There is some hint of this hardness in budget speech, but there is detailed explanation in the money bill, 2018.
A bigger area than taxpayers to high tax evasion is the alleged 'gift'. After buying the jewelery, expensive furniture filled with their own income taxpayers do not show any value in the return file.
They took the income tax rebate, referring to the national award as 'gift' or 'price is not known'.
Many taxpayers do not have gold ornaments or expensive furniture, but when giving the return for the first time, they show the information as having more gold as 'gifts'. In the future, after tax evasion, the owner of gold jewelery, but NBR could not catch it so that they were tricked by this. Many people stigmatize taxes by mentioning their money as personal loans or loans.
In the coming fiscal year, NBR has taken an initiative to stop this easy way of tax evasion in the name of gifts and personal loans. For this reason, it has been said to replace the section 19 (21) of the Income Tax Ordinance in the money bill. It has been said about the taxpayer's gift and loan, that if a loan is taken from any source other than the banks and financial institutions, it will be taxed as taxable income and income tax will be taken accordingly. If a person receives a loan of more than five lakh rupees or more money in a financial year from a person, it will be taxed as income of other taxpayer's income. But if any taxpayer receives any loan or gift from his parents on the banking channel, income tax will not be applicable to it.
Many people working in the private sector do not pay income tax but get taxable salary and allowances. Now their income tax returns have been made mandatory in the money bill. It says that every employer working in the private sector will submit his tax identification number (TIN), date of filing of income tax returns and the serial number from the Income Tax Office during the submission of return by April 15 of every year to his appointment authority. Prior to April 13, private workers will submit their income tax return by April 13. It should contain the following information: Name, last name, TIN number, date of return, serial number given by tax authority after submission of return. In the section 108 of the Income Tax Ordinance, it has been proposed to add new provisions to the money bill. However, this provision does not apply to government employees.
Former NBR chairman Mohammad Abdul Majid told Kaler Kantho that many of the private sector workers are taxable, but they do not pay the majority. That is why they are forced to pay, therefore, it has been said that the provision of the provision in the money bill is to be added. This is certainly a good initiative.
The finance minister mentioned in his budget speech that taking action against tax evasive people will be done. "Proposals are proposed to be shared with the tax department with the department's financial information to the various departments and agencies. As a result, dealing with tax evasion will be a lot easier.
"The finance minister said that if anybody invests in banks, shares, savings certificates or any other immovable property, then the regulatory body of the concerned sector will automatically inform the information NBR. Various intelligence agencies, Anti-Corruption Commission (ACC), Election Commission will also inform financial information of taxpayers. NBR As a result, when someone keeps the information of the property secret, it will be easily detected.
In this regard, Mohammad Abdul Majid said that under the law NBR is more than any other organization