NBR
Amazon, Google register for VAT
Tech giants Google and Amazon acquired Business Identification Number (BIN) from the National Board of Revenue last week to run their business in Bangladesh while ensuring value added tax (VAT) compliance.
The companies will now pay a 15% VAT on revenue earned from the country.
Read NBR looking to procure non-intrusive inspection systems for export-import items
Google got its VAT registration certificate on May 23 and Amazon on May 27. These tech giants earlier paid VAT through banks.
Both companies got the BIN as non-residential companies. PwC Bangladesh, the consultant appointed by both ventures, did the paperwork processing for them and will act as their VAT consultant.
Read PROGGA, ATMA for imposing specific taxes on tobacco products
NBR looking to procure non-intrusive inspection systems for export-import items
The National Board of Revenue (NBR) is going to procure 13 full-fledged container scanner systems for introducing a non-intrusive inspection system that will expedite the release of export and import items.
The non- intrusive inspection system has been included in Section 197B of the Customs Act 1969 to boost examination of export and import consignments.
This system would also curb evasion of duties through false declaration.
Non-intrusive inspection technology refers to technical equipment and machines such as X-ray or gamma-ray imaging type equipment that allow the inspection of cargo without the need to open the means of transport and unload the cargo.
According to the NBR sources, the cost of these 13 systems would be some Tk 633 crore and it would be procured by its own resources.
These systems would include scanner, weigh bridge, radio portal monitor, and central and regional imaging system.
"Initially, we are going to procure six systems in the first phase," an NBR official told UNB.
Also read: NBR to prioritize local industries in 2021-22 budget, says its chairman
He said that tender has been floated for the purpose where the closing date of the tender was May 25, but the NBR extended the date for one month as the official activities of the country have been stuck due to the lockdown to contain coronavirus infection and mortality.
Of the six units, four will be installed in Chattogram Customs House, one each in Benapole and Bhomra land ports.
The NBR Official said that more than ten interested companies have procured the tender papers. They need to visit the installation sites to get a better idea for giving their final proposals in the preview meeting.
"That's why we have compelled to extend the submission date of the tender documents," he said.
In this regard he said that if the first phase of the procurement can be done smoothly, the NBR would go for the second procurement of seven more non- intrusive inspection systems.
In this connection, he mentioned the COVID-19 pandemic as a big hurdle which stalled all activities for a long time.
Also read: NBR faces uphill task in achieving VAT collection target
Earlier on March 31, the Customs Modernisation and Project Implementation section urged the NBR to include this procurement of six container scanner systems in the annual procurement plan (APP) for 2021-22 fiscal as it was not included in the APP for running 2020-21 fiscal.
Currently, the NBR has 11 container scanners across the country which is very low compared to the required number. On the other hand, the time for replacing some of the scanners is nearing.
Seven scanners are used at seven out of 12 gates of the Chattogram port, one scanner is deployed at the inland container depot of Kamalapur in Dhaka, one at Mongla seaport and two in Benapole land port.
Currently, custom houses physically examine 10-15 percent of the imported consignments.
Scanning of all consignments will prevent duty evasion through discrepancies in declaration such as over and under-invoicing as well as strengthen security of the country.
The government, in the budget for 2019-2020 fiscal has incorporated a provision for non intrusive inspection in the Finance Act-2019 to bring all consignments under mandatory electronic scanning.
Under the provision, no consignments, unless exempted by official order, shall be cleared from customs control at any customs port or customs station without electronic scanning.
There is also a provision for clearing of consignments by performing physical examinations in the absence of an electronic scanning system.
BARVIDA demands car market expansion, rationalising import duty
Bangladesh Reconditioned Vehicles Importers and Dealers Association (BARVIDA) on Wednesday (April 28, 2021) demanded measures for expansion of the car market and increasing the government’s tax collection by rationalising the import duty on reconditioned vehicles and new cars.
Leaders of the BARVIDA placed the demands at a virtual press conference held from its Bijoynagar office.
Putting emphasis on the stability in the already-established reconditioned car industry, they said with the current perspective, the country needs a realistic, progressive, and implementable policy so that real automotive manufacturing industry is established which will also guarantee the protection of stability in the years-long business of import of reconditioned vehicles.
Read NBR expands net, moves to raise revenue collection from income tax wing.
Moreover, it is very important to reduce the discrimination in tariff in import of reconditioned cars and new ones for the greater interest of the market expansion of the cars in the country, said the BARVIDA leaders.
They said the government can collect huge revenue from the higher sales of cars among the growing middle-income consumers during the period of the country’s graduation to a developing nation from the list of least developed countries (LDC).
Addressing the conference, BARVIDA president Abdul Haque welcomed the government’s initiative of formulation of ‘Automotive Industrial Development Policy 2020’ adding that the production of the proposed ‘Made in Bangladesh’ or ‘National Car’ branded motor cars in Bangladesh would be a pride for BARVIDA.
Also read: Resolve custom valuation issues of imported cars: BARVIDA
But it needs to consider the current situation of the sector concerned, experiences of other countries and realities of the country before the establishment of any new industry, he said.
In this case, the BARVIDA leaders suggested the protection of the four-decade import business of the reconditioned vehicle industry, said a press release.
They also suggested the government assess the impacts and effectiveness of automotive industrial policy by an independent and credible international agency.
The leaders said the local business of imported reconditioned vehicles was established with the investment of several thousand crores of Taka, which has created employment for over one lakh people directly or indirectly. The sector has been contributing to the economy paying thousand crore of Taka as revenue to the national exchequer every year.
Also read: BARVIDA donates ambulance to PM's humanitarian programme
Noting that the environment-friendly cars produced in Japan with resale value are the first choice by the local customers, they said the BARVIDA is concerned whether any screw driving industry is going to be established in the name of setting up the country's own car-making plant denying the customers’ choice.
Referring to a recent survey of the Japan International Cooperation Agency (JICA), the BARVIDA president said it is feasible to establish the country’s own car-making plant, if one lakh pieces of car are sold in the domestic market of Bangladesh in a year.
However, in the domestic market of Bangladesh some 10,000 units to 20,000 unit cars are sold in a year, he said.
“So, the government needs to take measures to expand the local car markets before going for local production and aiming to export cars. In this case, it is very urgent to remove the discrimination of tariff structures on import of reconditioned cars and locally produced cars,” he said.
Read Experts for more growth-friendly, simple, transparent tax system
In a recent pre-budget meeting with NBR officials, the BARVIDA demanded for increasing the depreciation benefit in import of cars by restructuring the supplementary duties on import of hybrid and fossil fuel-driven cars and withdrawal of supplementary duty on import of microbuses, the BARVIDA president said.
The BARVIDA leaders said the import of reconditioned cars declined significantly over the last few years in Bangladesh because of wide discrimination of duty between on import of reconditioned and new cars. So, the government’s revenue collection from the sector also faced a stumble.
The BARVIDA did not get any loan from the government-sponsored stimulus package started one year ago.
Read BARVIDA for reforming customs valuation system for vehicles
The Chattogram port has yet to waive the port demurrage charge that was levied last year by the port authority on the importers even during the general public holidays despite an application by the BARVIDA.
But the port authority has exempted the tax on container transportation. So, for the revival of the sector from the fallouts of the Covid-19, the BARVIDA wants to see the implementation of their placed proposals in the upcoming national budget for fiscal 2021-22, the leaders said.
BARVIDA vice president Saiful Islam (Samrat) and secretary-general Mohammad Shahidul Islam also spoke on the occasion.
Read NBR sets its sight on cranking up tax-GDP ratio
PROGGA, ATMA for imposing specific taxes on tobacco products
Research and Advocacy Organization PROGGA (Knowledge for Progress) and Anti-Tobacco Media Alliance (ATMA) have demanded the government to impose specific taxes on cigarettes and other tobacco products in the upcoming budget for 2021-22.
In a press conference held virtually on Tuesday, the two organizations unveiled their proposals regarding tobacco taxes and prices in the 2021-22 FY national budget.
Implementation of proposals would prevent premature deaths of nearly 390,000 current adults and 400,000 current youth, according to release.
Also read: Dhaka Conference: Amend tobacco laws, impose specific taxes
In addition, supplementary duty, health development surcharge and VAT on cigarettes would also earn the government Tk 34 billion in additional revenues, the organizations claim.
The Project Head of Tobacco Control at PROGGA Md Hasan Shahriar presented the budget proposals are-- Introducing a tiered specific excise (supplementary duty -SD) with uniform tax burden (SD share of 65% of final retail price) across all cigarette brands.
In the low-tier, the retail price should be set at 50 for 10 sticks, followed by Tk 32.50 as specific supplementary duty (SD); In the medium-tier set the retail price at Tk 70 for 10 sticks and Tk 45.50 should be imposed as SD; In the high-tier, the retail price should be set at 110for 10 sticks, followed by Tk 71.50 as SD; and in the premium tier, set the retail price at Tk 140 for 10 sticks and BDT 91 should be imposed as SD.
Read Amend existing law to build tobacco-free Bangladesh
Reducing price tiers from four to two in the medium-term (2021-22 to 2025-26) by reducing the gaps in final prices and tax rates between cigarettes brands
For 25 non-filtered bidi sticks, the retail price should be Tk 25, followed by a specific supplementary duty of Tk 11.25. The price for 20 filtered sticks should be Tk 20, which will be followed by a specific supplementary duty of Tk 9. As a result of such measures, in both filtered and non-filtered bidis, the specific supplementary duty will be 45 percent of final retail prices.
For SLT products, the price per 10-gram jarda and gul should be Tk 45 and 25 respectively. A specific supplementary duty of Tk 27 should be imposed on per 10-gram jarda. For gul, the specific supplementary duty should be Tk 15. As a result of such measures, in both jarda and gul, the specific supplementary duty will be 60 percent of final retail prices.
Read Bring smokeless tobacco products under tax net: PROGGA
They also propose to retain the existing 15% Value Added Tax (VAT) and 1% Heath Development Surcharge on all tobacco products.
According to the Global Adult Tobacco Survey (GATS), 2017, between 2009 and 2017, there has been a 1.5 million increase in the number of cigarette users. The numbers reveal that the existing tobacco tax structure has not been contributing to make Bangladesh a tobacco-free country by 2040, as envisioned by the Honorable Prime Minister.
With the ongoing second wave of Covid-19 pandemic, the health sector and overall economy of the country are going through precarious condition. If tobacco use goes unchecked during such a period of vulnerabilities, it would put the additional risk for public health, Shahriar added.
Also read:1.26 lakh people die in Bangladesh every year in diseases ...
According to World Health Organization (WHO), smokers are more likely to become severely ill when infected with covid-19. This makes the existing tobacco users, around 40 million in number, extremely vulnerable to severe covid-19 infection.
In Bangladesh, tobacco use claims 126,000 lives prematurely each year. In a 2019 study titled “Economic Cost of Tobacco Use in Bangladesh: A Health Cost Approach”, it was revealed that in 2017-18, the economic cost (medical expenses and loss of productivity) of tobacco use stood at Tk30,560 crore while revenues from the tobacco sector in 2017-18 FY was only Tk 22,810 crore.
He also said raising the prices of tobacco products would discourage the youth from starting use and getting addicted while encouraging the existing users belonging to the poor demographic to quit.
Read 10 people fined Tk 2,000 for smoking in public place
Supporting fully the budget proposals to increase tobacco taxes and prices, the convener of the National Anti-Tobacco Platform Dr Qazi Kholiquzzaman Ahmad said the government must look for the welfare of the people, as dictated in our Constitution.
“Unfortunately, the government only prioritizes the revenue aspect, turning a blind eye to how it impacts the lives of the people.” he also said.
Former Vice-Chancellor of Dhaka University Professor Dr AAMS Arefin Siddique said, “To hike tobacco taxes and prices, we can always follow the precedents set by neighbouring Sri Lanka. We can progress through learning from each other. We also need to educate the youth on the detrimental effects of tobacco.”
Read Tobacco causes 20% of deaths from coronary heart disease.
Senior Research Fellow of the Bangladesh Institute of Development Studies (BIDS) Dr Naznin Ahmed said taxes at a specific rate should be imposed on tobacco. It will benefit the government
“The covid-19 pandemic has created an opportunity for broader tobacco control. To utilize this, we need to make the harmful effects of tobacco widely known.” She also said.
The Research Director of Bangladesh Institute of International and Strategic Studies (BIISS) Dr Mahfuz Kabir said the tobacco taxation structure requires fundamental reform. With that end in mind, specific supplementary duty needs to be introduced.
Read Tobacco ban: Industries Ministry quashes health division's proposal
“The implementation of taxation and price related budget proposals, particularly in the low-tier cigarette brands, would significantly increase revenues and lower the health risk of poor demographic, considering the fact that 72 percent of cigarette smokers are users of low-tier brands.” Md Mostafizur Rahman, Lead Policy Advisor for Campaign for Tobacco-Free Kids (CTFK), Bangladesh said.
“We hope, the National Board of Revenue (NBR) will adopt the proposals. It will increase the government earnings, reduce existing tobacco use and also discourage the young from initiating,” Mostafizur added.
Read Are Smokers More Vulnerable to COVID19?
NBR faces uphill task in achieving VAT collection target
With just over 41% VAT collection target met in the first seven months of this fiscal year, the National Board of Revenue (NBR) is mounting pressure on its field offices to boost the collection to shore up revenues amid the challenges posed by the pandemic.
It has asked the offices to attain the target keeping the present situation in mind and put emphasis on establishing intensive communication with the big companies.
In the 2020-21 fiscal budget, the total revenue collection from VAT wing was fixed at Tk 1,277.47 billion. But until January this year, the collection has been Tk 530.81 billion, which is only 41.55%.
No Smooth Sailing
The VAT collection target from the import level was Tk 455.54 billion. But till January of this year, the NBR has been able to collect Tk 196.59 billion. In January, the collection was Tk 29.52 billion.
In the first seven months of the last fiscal, the collection was Tk 178.14 billion while the collection in the month of January 2020 was Tk 26.76 billion.
It means the growth on a month-to-month basis is 10.32% while it is 10.35% considering the collection of the first seven months of the two fiscals.
On the other hand, the target for VAT collection from the local level was Tk 821.92 billion. But till January of this year, the NBR collected Tk 334.22 billion where in the month of January the amount was Tk 55.66 billion.
Also read: NBR to prioritize local industries in 2021-22 budget, says its chairman
Experts for more growth-friendly, simple, transparent tax system
The National Board of Revenue (NBR) should reduce tax deduction at source (TDS) following global practices and need to modernise and simplify the country's tax system.
The regulator should offer incentives for Bangladeshi producers and focus on thrust sectors like leather, jute and garment fashion design to create a country brand in the international market.
Experts said this at an online conference on direct and indirect tax organised by the Institute of Chartered Accountants of Bangladesh (ICAB) on Saturday.
Also read: NBR moves to speed up revenue collection
Tax rate changes have a significant impact on investment decisions as investors prepare a budget and plan accordingly based on it, they said.
Pointing to the tax on foreign nationals working in Bangladesh, the experts suggested introducing provisions like withdrawals of tax and customs benefits, cash incentives, cancellations of branches permission for unauthorised employment.
Planning Minister MA Mannan said, "Considering the cost related to tax collection, it is better to chase the evasion of tax by big taxpayers than chasing marginal taxpayers."
Also read: It's time to change the mindset on taxpaying: Salman F Rahman
ICAB President Mahmudul Hasan Khusru said, "An improved tax system is the key to financing public services, reducing inequality, and making the government more accountable. Unfortunately, our tax rate is higher compared to the ones of similar economies including the neighbouring countries."
"Our tax to GDP ratio is exceptionally low. This indicates that there must be some incompatibilities," he added
Bangladesh is still a low tax effort country with a high buoyancy ratio, implying that the policy-makers of Bangladesh have the scope and potential to opt for greater revenue mobilisation through internal resources to meet the budgetary deficit, Mahmudul said.
Also read: NBR sets its sight on cranking up tax-GDP ratio
"However, the tax system in Bangladesh is gradually improving, raising more revenue and reducing the dependency on aid."
265 zarda, gul factories evading taxes
Many smokeless tobacco (SLT) manufacturers of Bangladesh have managed to slip away from the government's tax net; at least 265 of them are not paying taxes and 33% do not even have a valid trade licence.
Of the 483 SLT factories, 435 zarda – moist or dry chewing tobacco – and 48 gul – oral tobacco powder – factories in Bangladesh, only 218 pay taxes.
Also read:1.26 lakh people die in Bangladesh every year in diseases ...
Dr Nasiruddin Ahmed, former National Board of Revenue (NBR) chair, came up with the number Monday while presenting the findings of the study "Factors inhibiting smokeless tobacco tax payments by smokeless tobacco manufacturers operating outside the tax net in Bangladesh" at a webinar.
The study was conducted with assistance from the Campaign for Tobacco-Free Kids.
NBR jointly organised the programme with several anti-tobacco organisations, including National Heart Foundation, Dhaka Ahsania Mission, UBINIG, Voice and Progga.
In Bangladesh, SLT manufacturing and marketing mostly go unsupervised and unregulated. So, these products remain quite cheap, available and affordable.
Also, around 91% of SLT manufacturers produce their products manually. SLT products are primarily manufactured in small unmarked factories or houses. Their total monthly gross turnover is around Tk2.7 crore.
Also read:Dhaka Conference: Amend tobacco laws, impose specific taxes
Bringing the SLT producers under the tax net would increase the tax revenues from this sector considerably, the study said.
However, it also identifies the "informal" nature of SLT production as the main impediment in ensuring tax compliance in the sector.
Several other issues concerning the NBR, including lack of trained officials, the organisational structure of field offices and the outdated equipment and systems also add to this problem, the study said.
The absence of a fully digitalised and automated tax return processing system as well as the lack of a secure tracking and tracing system also facilitates tax evasion.
The study suggests introducing an automated tax return processing system, equipping and training the NBR officials, restructuring NBR field formations, introducing a secure tracking and tracing system (TTS), and authorising local government institutions to bring SLT manufacturers under local tax nets.
SLT products are severely detrimental to health and responsible for causing oral, oropharyngeal and other types of cancers.
However, around 20.6% – 2.20 crore – adults and school-going children aged 13-15 use smokeless tobacco in Bangladesh.
Despite such a high prevalence of tobacco usage, the SLT sector contributed Tk30.6 crore in revenue – 0.12% of the total revenue collected from tobacco – in the fiscal year 2019-20.
NBR moves to speed up revenue collection
The National Board of Revenue (NBR) is widening its net and realising outstanding taxes to meet the yearly revenue collection target of the Income Tax Wing.
For 2020-21 fiscal, the target of Income Tax Wing is to collect Tk 1039.45 billion. But NBR data show that after January of this year, only Tk 408.15 billion or 39.26% of the target was collected.
In January this year, the NBR has collected Tk 65.63 billion while it was Tk 61.88 billion in the same month of the previous year. The month-to-month basis growth is 6.06%.
Till January 2021, the NBR collected Tk 408.15 billion. The amount was Tk 383.27 billion in the corresponding period of last year with a 6.49% growth.
NBR sources said the Board has directed the tax commissioners to bring all eligible persons and organisations under the tax net and take initiative to remove the phobia regarding hassle in tax payment.
Also read: NBR to prioritize local industries in 2021-22 budget, says its chairman
It also asked to intensify the tax survey and activate the inactive TIN numbers as the submission of income tax returns have been made mandatory for every TIN holder from this fiscal.
The Income Tax Wing has already issued directives to field offices in these regards.
As part of the internal survey, the field-level officials are collecting possible taxpayers’ information from city corporations, Rajuk and other relevant authorities, and sub-registrar offices.
This is popularly called ‘secondary data’ which refers to the information of the individuals that are already kept with any organisation.
The NBR has also started to collect information of potential taxpayers at the upazila level through secondary data gathering, otherwise known as internal survey. For example, a file of ‘X’ company mentioned that it has 450 employees. The official concerned can ask for the names of the 450 employees and their TIN numbers.
Also read: Covid-19 impact: NBR devises ways to boost revenue collection
With such little move, the NBR can find out eligible taxpayers’ names and put them under the tax net, if they are not already under it.
“This is called internal survey,” a senior NBR official explained to UNB. The official said that at first, the NBR is taking information on the trade licences that have been issued from the city corporations and municipalities.
Later, TIN will be issued in their names to bring them under tax net and collect revenue from them.
Besides, he mentioned that NBR is collecting information of foreigners from Bangladesh Investment Development Authority (BIDA), vehicles owners from the BRTA, land buying and selling information from the sub-registry offices, power distribution offices and service-oriented offices.
Information of flat and house owners are also being collected from the National Housing Authority, the NBR official said. All these efforts would help NBR identify eligible taxpayers who are still out of tax net.
"We hope that this’ll help us raise revenue collection,” he added.
Also read: NBR sets its sight on cranking up tax-GDP ratio
NBR sources said the board officials generally collect information of potential taxpayers by a door-to-door survey. This is how they find out new taxpayers.
A senior official of the NBR said that the field officials have been asked to conduct their survey maintaining health safety rules.
According to an official document, at the end of the 7th Five Year Plan, which ended on June 2020, the revenue-GDP ratio was to be 16.1% in 2019-20 fiscal after gradual improvement, but the achievement was estimated at 12.7% while it was 9.9% and 9.6% in 2018-19 and 2017-18 fiscals respectively.
The total revenue collection for the budget for 2020-21 fiscal was set at Tk 3,780 billion where the NBR will contribute Tk 3,300 billion. The revenue from non-NBR sources was estimated at Tk 150 billion, while non-tax revenue at Tk 330 billion.
Of the grand amount for the NBR, Tk 1,039.45 billion will come from income, profit and capital tax, while Tk 1,251.62 billion will be contributed by VAT.
Supplementary tax will provide Tk 578.15 billion and Tk 378.07 billion will come from import duty. Tk 0.55 billion will come from export duty while Tk 36.86 billion from excise duty and Tk 15.30 billion as other taxes.
Parliament body for waiving import duty of sports items
A relevant parliamentary committee on Wednesday recommended the National Board of Revenue (NBR) to take necessary steps for waiving import duty of sports items.
The Parliamentary Standing Committee on Youth and Sports Ministry made the recommendation in its 13th meeting in order to promote sports in the country.
The meeting was held with committee chairman Abdullah Al Islam Jakob at the Jatiya Sangsad Bhaban, said a handout of the parliament.
Also read: Cabinet purchase body nods import of 50,000MT rice
Suggestions were made to construct 178 Upazila Youth Training and Entertainment Centres in the first phase as part of the establishment of a centre in every upazila in line with the government’s electoral manifesto.
It also recommended the ministry to send a development project proforma (DPP) over construction of some buildings, including an administrative building of the Directorate of Sports on the campus of Physical Education College in the city’s Mohammadpur area and academic building of the college, to the Planning Ministry.
Also read: Purchase body okays 6 proposals including import of LNG, rice
The parliamentary committee asked for sending a letter to the Fisheries and Livestock Ministry for handing over its land to Sheikh Hasina National Youth Development Institute for construction of its structures to implement the plans of the institute.
Committee members Mahabub Ara Begum Gini (Gaibandha-2), Abdus Salam Murshedi (Khulna-4), Jewel Areng (Mymensingh-1), AM Naimur Rahman (Manikganj-1) and Zakia Tabassum attended the meeting.
NBR to prioritize local industries in 2021-22 budget, says its chairman
National Board of Revenue (NBR) will prioritize local industries in the upcoming budget to strengthen the country’s economy.
Chairman of National Board of Revenue (NBR) Abu Hena Md Rahmatul Muneem on Thursday said this at a webinar on pre-budget discussion of 2021-22 FY.
“We have already taken various initiatives to widen the tax net and ensure transparency in our work. We are introducing easy processes so that people can pay taxes easily without hazard,” Muneem said.
“We will utilize secondary sources to widen the tax net for the sake of the country’s economy. NBR is partnering with government and non-government organizations to bring those under tax net who have taxable income but are out of the tax net,” he added.
Also read: Covid-19 impact: NBR devises ways to boost revenue collection
“We are trying to do new things for more revenue collection. So, we need support from the media,” the NBR Chairman said.
Laying emphasis on recruiting agents in the Upazila level to widen the tax net, ERF President Sharmeen Rinvy proposed to increase the tax-free income limit of individual taxpayers to Tk 4 lakh.
In the webinar, ERF General Secretary S M Rashidul Islam suggested NBR to take preparation for overcoming the possible challenges in the context of becoming a developing country from Least Developed Country (LDC).
“Bangladesh will have to go for the Free Trade Agreement (FTA) or Preferential Trade Agreement (PTA) in order to survive in export trade, especially in the case of future withdrawal of duty-free facilities. So, NBR has to take preparation from now,” he also said.
Also read: NBR sets its sight on cranking up tax-GDP ratio
The ERF also presented several proposals including starting budget session in the morning instead of afternoon [for example India holds its session at 11am]; speeding up reformation of tax collection activities; reducing tax related complexities to attract investment; forming public-private tax committee; review meetings on implementation of revenue decisions in every three months.
The existing black money investment policy is discouraging legal taxpayers and encouraging illicit income, said the organization and proposed to amend the law to make only legally earned undisclosed income taxable.