Money whitening in share market
Private firms can also avail the opportunity
FE Report
The investors, who would invest in their undisclosed income in the capital market availing themselves of the opportunity offered by the government, will have to submit a declaration form to the tax authorities by July 15, 2012, revenue board officials said Tuesday.
The income tax authorities have prepared the form, which will be available in all zonal offices, they said.
The government has allowed the investment of 'undisclosed' money in stock market in addition to treasury bills and infrastructure development bond.
For whitening of such income popularly known as black money, will be allowed, upon payment of tax at only 10 per cent of the amount of money so declared.
Both individuals and private limited companies can avail themselves of the opportunity to invest the undisclosed money for whitening it under the new fiscal measure in the capital market. The public limited companies will not enjoy this opportunity.
NBR chairman Dr. Nasiruddin Ahmed expressed the hope that the opportunity would help boost investment in the capital market.
"In the declaration form, investors of undisclosed money will have to furnish the amount of investment and the tax paid against it," Apurba Kanti Das, first secretary of the income tax policy wing, told newsmen at a press briefing Tuesday at the National Board of Revenue (NBR).
He said investment of white money in Initial Public Offerings (IPOs) of the share market will get tax rebate at the rate of 10 per cent.
The investors of 'black money' will have to keep the amount invested in the capital market for two years for the purpose -- in order to avail themselves the opportunity.
He said if any investor of the undisclosed money withdrew the amount from the capital market, invested after June 30, 2011 before the expiry of the lock-in period, the taxmen will charge tax at normal rate on the amount, and it would be subject to scrutiny.
A copy of Beneficiary Owner (BO) account certificate will have to be attached to the declaration form, he said.
http://www.thefinancialexpress-bd.com/more.php?news_id=141782&date=2011-07-06
Private firms can also avail the opportunity
FE Report
The investors, who would invest in their undisclosed income in the capital market availing themselves of the opportunity offered by the government, will have to submit a declaration form to the tax authorities by July 15, 2012, revenue board officials said Tuesday.
The income tax authorities have prepared the form, which will be available in all zonal offices, they said.
The government has allowed the investment of 'undisclosed' money in stock market in addition to treasury bills and infrastructure development bond.
For whitening of such income popularly known as black money, will be allowed, upon payment of tax at only 10 per cent of the amount of money so declared.
Both individuals and private limited companies can avail themselves of the opportunity to invest the undisclosed money for whitening it under the new fiscal measure in the capital market. The public limited companies will not enjoy this opportunity.
NBR chairman Dr. Nasiruddin Ahmed expressed the hope that the opportunity would help boost investment in the capital market.
"In the declaration form, investors of undisclosed money will have to furnish the amount of investment and the tax paid against it," Apurba Kanti Das, first secretary of the income tax policy wing, told newsmen at a press briefing Tuesday at the National Board of Revenue (NBR).
He said investment of white money in Initial Public Offerings (IPOs) of the share market will get tax rebate at the rate of 10 per cent.
The investors of 'black money' will have to keep the amount invested in the capital market for two years for the purpose -- in order to avail themselves the opportunity.
He said if any investor of the undisclosed money withdrew the amount from the capital market, invested after June 30, 2011 before the expiry of the lock-in period, the taxmen will charge tax at normal rate on the amount, and it would be subject to scrutiny.
A copy of Beneficiary Owner (BO) account certificate will have to be attached to the declaration form, he said.
http://www.thefinancialexpress-bd.com/more.php?news_id=141782&date=2011-07-06
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