A total of 7,650 individual taxpayers legalised their untaxed moveable and immovable property, including apartments and cash, worth Tk 10,220 crore between July 1 and December 31, 2020, said the National Board of Revenue.
The board received Tk 962.6 crore in tax under the scope of legalisation of undisclosed land, apartment, cash, bank deposits and securities offered in the budget for the FY21.
‘So far around Tk 10,220 crore has been injected into the formal economy under the scope and it will play a special role in boosting investment, creating jobs and enhancing gross domestic products,’ said an NBR release on Monday.
Taxpayers will also be allowed to legalise their untaxed assets until June 30, 2021, it said.
Income tax officials said that both the value of legalised assets and tax collected under the scope was the highest in a single year in the history of the country.
Taxpayers FY2007-08 and FY2008-09, legalised Tk 9,683 crore and paid Tk 911.3 crore in tax under the scope during the period of the interim government.
According to NBR data, 7,445 individual taxpayers legalised their undisclosed moveable and immovable property, including land, buildings, apartment, cash, bank deposits and other financial instruments and paid Tk 939.76 crore in six months.
Another 205 taxpayers legalised their untaxed money by investing in stock markets.
The government in the budget for FY21 has offered a blanket scope for legalising undisclosed movable and immovable property by paying taxes at various rates while undisclosed money holders have also been allowed to legalise such money through investment on capital markets by paying tax at a flat rate of 10 per cent.
