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Black money amnesty may run into next year

NBR plans to shuffle existing tax slabs for individuals

Rejaul Karim Byron and Sohel Parvez
The existing opportunity to legalise black money via purchase or construction of flats looks set to be extended into the upcoming fiscal year, despite repeated denials by the finance minister.
The government may increase the existing tax rate for purchase or construction of flats to finance the budget ofTk 250,510 crore, finance ministry officials said yesterday.
The move comes in the face of heightened pressure from influential realtors, even though the privilege never brought any substantial revenue for the government.
Between July last year and April this year, the National Board of Revenue received only Tk 26 crore through the facility. The government
received Tk 75 crore and Tk 29 crore respectively in fiscal 2007-08 and fiscal 2009-10, the two years when the amnesty was in place.
The officials also said individuals might also be able to gain amnesty for black money in fiscal 2014-15 by investing in big infrastructure projects.
Meanwhile, the government is set to reshuffle the existing slabs for individual taxpayers in a bid to reduce the tax burden on those with relatively low income and extract more tax from the wealthy.
The NBR plans to introduce a new slab on income above Tk 44.2 lakh, where 30 percent tax will be applicable.
The tax-free income limit will remain unchanged atTk 2.2 lakh. For the nextTk 5 lakh, a 10 percent tax will be applicable. At present, a 10 percent tax is payable on Tk 3 lakh after the tax-free limit.
Non-listed companies are likely to see a 2.5 percentage point cut in corporate tax from the present 37.5 percent.
Amid demands from businesses and trade bodies, the government is set to reduce the minimum tax for firms with over Tk 50 lakh annual gross receipts or turnover from 0.5 percent to 0.3 percent. The firms have to pay the minimum tax irrespective of their profitability.
Mobile phone users, who now pay no tax for SIM replacement, will have to payTk 100 in fiscal 2014-15, as part of the government's efforts to collect a total ofTk 183,535 crore from tax and non-tax sources such as land registration fees.
The officials said the rate of various non-tax revenue is also likely to be increased to keep the overall budget deficit at 5 percent, or Tk 66,975 crore, of the gross domestic product.