UNB, Dhaka :
The National Board of Revenue ((NBR) has decided to put the country’s insurance companies under its scanner amid the detection of tax evasion cases by some of them.
The NBR, the central authority of the country’s tax administration, has recently formed a three-member committee to find out the tax-evasion incidents by the insurance companies, according to sources.
There are some 75 insurance companies in the country, including government-owned Sadharan Bima and Jibon Bima. Of the country’s total insurance companies, 46 are enlisted in the capital market.
“The NBR chairman (Ghulam Hossain) in a recent coordination meeting has directed the officials concerned to prepare a list of insurance companies making it clear which companies are evading how much tax,” a senior NBR official told UNB.
The meeting was told that there are some sectors in the country where the incidents of tax evasion are relatively high and the names of some companies in the insurance sector also came up in it.
“The meeting said that if the tax evasion incidents can be reduced in these sectors, then the amount of tax collection will get a considerable boost,” the NBR official said.
The NBR chairman then directed the relevant officials to prepare a list of the insurance companies that are involved in tax evasion and collect the tax with fine.
According to information obtained from NBR’s Central Intelligence Cell (CIC), some insurance companies hide their actual incomes and expenditures in their files, depriving the government of considerable amount of revenue.
The National Board of Revenue ((NBR) has decided to put the country’s insurance companies under its scanner amid the detection of tax evasion cases by some of them.
The NBR, the central authority of the country’s tax administration, has recently formed a three-member committee to find out the tax-evasion incidents by the insurance companies, according to sources.
There are some 75 insurance companies in the country, including government-owned Sadharan Bima and Jibon Bima. Of the country’s total insurance companies, 46 are enlisted in the capital market.
“The NBR chairman (Ghulam Hossain) in a recent coordination meeting has directed the officials concerned to prepare a list of insurance companies making it clear which companies are evading how much tax,” a senior NBR official told UNB.
The meeting was told that there are some sectors in the country where the incidents of tax evasion are relatively high and the names of some companies in the insurance sector also came up in it.
“The meeting said that if the tax evasion incidents can be reduced in these sectors, then the amount of tax collection will get a considerable boost,” the NBR official said.
The NBR chairman then directed the relevant officials to prepare a list of the insurance companies that are involved in tax evasion and collect the tax with fine.
According to information obtained from NBR’s Central Intelligence Cell (CIC), some insurance companies hide their actual incomes and expenditures in their files, depriving the government of considerable amount of revenue.
