Muhith proposes punishment provision for concealing tax information

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DHAKA, June 7, 2018 (BSS) – Strengthening enforcement measures against
noncompliant taxpayers, Finance Minister AMA Muhith today proposed to
introduce punishment provisions for any person who deliberately conceals
information or provides inaccurate information to tax authority.

The finance minister came up with the proposal while delivering his
speech on the proposed budget for the 2018-19 fiscal in the Jatiya Sangsad
today with parliament Speaker Dr Shirin Sharmin Chaudhury in the chair.

Noting that his aim is to increase revenue collection, by not increasing
tax rate but ensuring compliance through combating tax avoidance and tax
evasion, the minister said, “Most of our taxpayers pay their due tax
complying with tax laws and evasion” while a section of people deliberately
conceals information or provides inaccurate information to the tax authority.

He also proposed to expand penalty regime and increasing penalty amount
to reasonable level for failure to comply with different provisions of tax
laws and regulations.

Muhith in his speech stressed selecting a tax return for audit if the
taxpayer fails to file withholding tax return or to furnish statements or
returns regarding salaries and allowances of his employees.