Economic Reporter :
Strengthening enforcement measures against noncompliant taxpayers, Finance Minister AMA Muhith on Thursday 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 on Thursday 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.
Strengthening enforcement measures against noncompliant taxpayers, Finance Minister AMA Muhith on Thursday 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 on Thursday 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.
