Wealthy taxpayers will now have to file statements of their total assets and liabilities, including those of their spouses, minor children or dependents as there are increasing allegations that such taxpayers are hiding their actual assets while filing statements.
"From now, the wealthy taxpayers will have to submit statements on their all kinds of assets because the National Board of Revenue (NBR) wants to know the details of assets and liabilities kept in the names of spouses, minor children or dependants," said a NBR official.
The revenue authorities have made this decision as allegations are increasing that a section of taxpayers is hiding the actual position of their assets and liabilities that are kept in the names of their wives or children.
Sources said, many taxpayers who have cars hide assets in the name of their spouses or children as they are not compatible with their livelihood and income. As a result, tax officials do not know the actual assets of the taxpayer and his family.
It is mandatory for wealthy taxpayers to file their assets every year. In addition to the annual income and expenditure, the NBR has set three conditions as to who should submit the statement of assets.
As per the rules of NBR, if the total assets of the taxpayer exceeds Tk 40 lakh, secondly, if he/she owns a motor vehicle and thirdly, if they have an investment in real estate or an apartment in the City Corporation area, they have to submit the statement of assets.
Once a taxpayer fulfills a condition, it is mandatory for him/her to submit a statement of assets along with the income tax return stating where the assets are in the name of oneself, wife or husband, minor children or dependents.
"If you have one of these, you have to declare the assets in the name of your wife or husband, minor children or dependents. This information has to be given by filling the specific form of NBR," said the NBR official.
There are allegations that a section of taxpayers keeps their assets in the name of their wives or children. It is known that they do this because there is no balance between income and expenditure. On an average 15,000- 20,000 new private vehicles are registered with the Bangladesh Road Transport Authority (BRTA) every year. This means that the number of cars is increasing every year, but a section of such car owners is not filing wealth statements properly as per the rule of NBR.
The NBR sources said vehicle registration cannot be done without a Tax Identification Number (TIN). So the tax officials can easily find out who is not filing wealth statements of their own and spouses properly.
The NBR's Income Tax wing has taken initiative to digitally store the information of taxpayers from next September.
According to NBR sources, non-resident Bangladeshis and non-Bangladeshi taxpayers will only file a statement of immovable property in Bangladesh. And taxpayers whose annual taxable income is more than Tk 4.0 lakh are required to submit a statement of expenditure related to the standard of living.
This information has to be given by filling the IT 10 BB or IT 10 BB 2016 form of NBR. There will also be information on the cost of education of the taxpayer's child, travel abroad, social events, gift items and other expenses.