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‘No questions can be raised over legalizing black money’

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National Board of Revenue (NBR) chairman Abu Hena Md. Rahmatul Muneem said that no organization can raise questions over the legalisation of untaxed money, popularly known as black money, and its subsequent investment availing amnesty in the budget for 2020-21 fiscal.

He also thinks that due to this step of the government the money flow increased in the capital market in recent weeks.

“If any organization raises questions regarding this matter that will be unjust and that should not be. We have talked to the organizations that could raise questions about legalizing untaxed money, and asked them not to do so,” he said.

The NBR chairman said this while inaugurating the installation of Electronic Fiscal Device (EFD) in 100 business entities, 80 EFD will be installed in Dhaka, (40 machines each for Dhaka North and South) and 20 machines for Chattogram, from the NBR conference room virtually on Tuesday.

This is a pilot project and it will be continued for next two weeks. After successfully running this project some 10,000 EFDs will be installed at the initial stage. All machines will be imported from China. Later 5 lakh machines will be installed throughout the country in phases.

The NBR chairman said that although his organization has yet to get a significant response from the black money holders to whiten their money, the capital market is getting good results from this amnesty.

“There is no remarkable response of this amnesty in the tax return so far, (after the deadline of income tax return submission) we will be able to see how much-untaxed money is invested in the capital market,” he said.

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