Staff Reporter :
In a belated move, the tax administration has decided to chase the ‘hot money’ fleeing out the country in the form of property investments.
The National Board of Revenue (NBR) has come up with the decision following reports that many Bangladeshi citizens have bought properties and homes in the United Arab Emirates (UAE), Qatar, Malaysia, Canada, Australia, the US and the UK and other countries by siphoning off huge sum of money.
It (NBR) has already formed a four-member panel to work on the issue. The panel has been asked to submit its work plans in a month on ways to identify the people who bought properties abroad.
“The revenue board would launch a crackdown on the people having second home abroad,” a senior NBR official told The New Nation on Thursday.
He added: “The panel will initially try to gather information on the second home buyers through our missions abroad”.
The NBR will also seek information regarding the matter from the countries which it has agreements on avoidance of double taxation.
“The NBR authorities will go for revising the such deals if the current ones do not provide scope for exchange of information of Bangladeshi nationals investing in those countries,” he said.
The official further said that the Bangladeshi citizens might siphoned off thousand of crores of taka from the country to buy properties under the cover of second home scheme.
“We will look into the means of purchase properties as we have apprehension that they might transfer the funds by illegal means to evade tax,” he said.
He said, the NBR will also take a closer look at the tax affairs of the people who bought homes aboard.
According to the data of the Malaysian government, 2,874 Bangladeshis had enrolled for the Malaysia under “My Second Home” programme as of April this year, meaning at least Tk 3,506 crore was taken away from Bangladesh.
The capital flight is also reflected in the amounts deposited in Swiss banks. Deposits by Bangladeshi citizens at various Swiss banks rose 62 per cent year-on-year in 2013 to Tk 3,236 crore, according to the data from the Swiss National Bank, the country’s central bank.
In a belated move, the tax administration has decided to chase the ‘hot money’ fleeing out the country in the form of property investments.
The National Board of Revenue (NBR) has come up with the decision following reports that many Bangladeshi citizens have bought properties and homes in the United Arab Emirates (UAE), Qatar, Malaysia, Canada, Australia, the US and the UK and other countries by siphoning off huge sum of money.
It (NBR) has already formed a four-member panel to work on the issue. The panel has been asked to submit its work plans in a month on ways to identify the people who bought properties abroad.
“The revenue board would launch a crackdown on the people having second home abroad,” a senior NBR official told The New Nation on Thursday.
He added: “The panel will initially try to gather information on the second home buyers through our missions abroad”.
The NBR will also seek information regarding the matter from the countries which it has agreements on avoidance of double taxation.
“The NBR authorities will go for revising the such deals if the current ones do not provide scope for exchange of information of Bangladeshi nationals investing in those countries,” he said.
The official further said that the Bangladeshi citizens might siphoned off thousand of crores of taka from the country to buy properties under the cover of second home scheme.
“We will look into the means of purchase properties as we have apprehension that they might transfer the funds by illegal means to evade tax,” he said.
He said, the NBR will also take a closer look at the tax affairs of the people who bought homes aboard.
According to the data of the Malaysian government, 2,874 Bangladeshis had enrolled for the Malaysia under “My Second Home” programme as of April this year, meaning at least Tk 3,506 crore was taken away from Bangladesh.
The capital flight is also reflected in the amounts deposited in Swiss banks. Deposits by Bangladeshi citizens at various Swiss banks rose 62 per cent year-on-year in 2013 to Tk 3,236 crore, according to the data from the Swiss National Bank, the country’s central bank.
