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4-month amnesty offered to legalise money

Staff Correspondent
A four month amnesty would be granted to individuals who wish to legalise their undeclared income in the upcoming fiscal year.
The move has been made to expand the revenue base of the state exchequer, said Finance Adviser Mirza Azizul Islam in his budget speech yesterday.
However, an additional 7 percent tax. on top of regular applicable taxes, would be slapped on die undeclared income for it to be legalised.
"This benefit shall remain in force from July 1, 2008 to October 31, 2008 in the next fiscal," Mirza Aziz said in his speech.
The finance adviser also proposed a 10 percent fine for tax evaders, as opposed to die existing provision under which tax officials are authorised to impose a zero to five times fine on the tax evaded by an individual.
The adviser during the speech said following the detection of undisclosed income, the present system of imposing fines and punitive measures is quite elusive and harsh." I proposed to revise the provision of imposing this fine at a
fixed rate ol 10 percent for each year of evasion."
According to the National Board of Revenue, the minimum rate of individual income tax is 10 percent and the maximum 25 percent.
Governments in the past allowed die legalisation of undeclared money. Ihe present caretaker government.that Is canyang out anti-corruption drives since its inception in January 2007 also allowed the facility till October 2007 with a penally of 5 percent.
The business community, especially the Federation of
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Bangladesh Chambers of Commerce and Industry, have been a strong proponent of the facility.
Prof Muzaffer Ahmad, chairman of Board of Trustees of Transparency International Bangladesh, said the government has allowed this amnesty considering its revenue necessity.
"Real taxpayers are being punished as the facility is being extended every year," Prof Ahmed told The Daily Star.
It is however unclear how the government would differentiate between illegal and legal Income of an individual, he observed