GFMM desk: Allegations of increasing or decreasing the price of goods through false declarations in import and export are long-standing. The people concerned think that most of the money is laundered in this process. This time the income tax department is going to take a strict stand to prevent such misdeeds. If a false declaration is made on import and export, 50 per cent fine will be imposed on it along with that amount. Finance Minister AHM Mustafa Kamal is going to make such a proposal while presenting the budget today.
At present, there is talk of fines in the customs law for such misdeeds, but there is nothing in the income tax law. If the new system is introduced, it will give big results to avoid such misdeeds, the concerned people think. In addition, in the case of local investment, if anyone gives false information, he will also face 50 percent fine.
Suppose someone shows Tk. 50 lakh against the import of goods worth Tk. 1 crore. This is known as under invoicing. Through this, tax evasion is given. If it is later found in the NBR test, the remaining Tk. 50 lakh and 50 per cent on the remaining Tk. 50 lakh, plus Tk. 25 lakh will have to be multiplied.
Suppose again, someone has shown that the import value of goods worth 1 crore is 2 crore. Through this he smuggled an additional 1 crore rupees abroad. Such manipulation is done on the import of common low duty or duty free goods. It does not have to pay his fees. On the other hand, he can smuggle money abroad.
Again, in the case of local investment, many people show more investment than the actual investment for the purpose of tax evasion and money laundering. Since the extra investment is an expense, it is not taxable. As a result, many investors have the opportunity to evade taxes in the process. Again, the amount of investment that someone shows, the actual investment is more. Basically black money is invested in this process. In case of any such irregularity, a large fine is being imposed anew. Sources close to the preparation of the budget said that if this measure is implemented, the tendency to give false information in the case of import-export or investment in false declarations may be reduced.