Scope for whitening money to continue in next budget: NBR chairman

National Board of Revenue (NBR) chairman Mosharraf Hossain Bhuiyan said the scope for whitening of undisclosed money will continue in the national budget for fiscal year 2018-19 (FY19) as money will be laundered if such scope is scrapped.

"There is scope to whiten untaxed money by paying penalty, we will not scrap it. If this scope is scrapped, money will be laundered and local investment will also be hampered. Such scope will continue in the upcoming budget," he said.

The NBR chairman was speaking at a pre-budget meeting with realtors, drug and cement manufacturers and re-rolling mill association here today.

During the meeting, Real Estate and Housing Association of Bangladesh (REHAB) first vice president Liaquat Ali Bhuiyan demanded giving scope for investment of undisclosed money without any question in the real state sector for the next five years.

At present, Anti-Corruption Commission (ACC) and other government agencies can question anyone about the source of their investment of untaxed money to the real estate and housing sector, he said, adding that as a result, expected investment is not taking place in the sector.

REHAB also demanded reducing flat registration tax to 7 percent from existing 14 percent and VAT rate to 1.5 percent from 3.0 percent.

Auto-Rerolling Mill Association president Manwar Hossain said prices of rods are increasing because prices of raw materials and transport cost have increased.

He demanded withdrawal of duty on scrap import and lowering the advanced income tax to Taka 400 from the existing Taka 800. Cement Manufacturers Association vice-president Shahidullah demanded reducing duty on clinker to Taka 200 from existing Taka 500 (per tonne).