Monday, 15th July, 2024
Monday, 15th July, 2024

7,650 taxpayers show undisclosed assets in tax returns

A total of 7,650 taxpayers have shown their undisclosed assets in their returns for the tax year 2020-2021 and thus deposited Taka 962.06 crore to the state coffer as tax.

The National Board of Revenue (NBR) has kept the provision of revealing undisclosed amount and assets in the national budget for the current fiscal year (FY21) through giving tax in a bid to keep dynamic the economic activities in the private sector, boost the flow of investment and develop of capital market despite the COVID-19 pandemic.

According to the NBR, a total of 205 taxpayers have availed the opportunity of revealing their undisclosed amount investing at shares, mutual funds, bonds in the capital market paying tax at 10 percent.

The government has extended such facility on condition of investing the amount at the capital market for at least one year. The NBR realized a total of Taka 22.84 crore as revenue from those taxpayers who have disclosed their undisclosed amount through investing in the share market.

On the other hand, a total of 7,445 taxpayers have availed the opportunity of disclosing undisclosed amount through investing at land, flat and thus paid Taka 939.76 crore as tax to the national exchequer.

Talking to the BSS, a senior official of the NBR, said that such facility of disclosing undisclosed amount has been provided to the taxpayers so that there is no economic recession in the country in the wake of COVID-19 pandemic.

As a result, a large fund flow to the mainstream of economy has taken place while the revenue collection has also witnessed an uptrend.

He informed that around Taka 10,220 crore has been injected to the mainstream of economy through the provision of disclosing untaxed amount.

This will further infuse dynamism in the economy and thus put a positive impact on investment and generating more employments, added the NBR official.

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