The National Board of Revenue (NBR) has initiated a move to scrutinize the proper use of Electronic Tax Identification Number (ETIN) while buying or selling of flats and land as well as to ascertain the actual value of those, reports BSS.
The income tax officials under various intelligence units of different tax zones would conduct surveys at the sub-registry offices from the beginning of the next year to this end.
Talking to the BSS, NBR member (tax survey) Meftah Uddin Khan said that the ETINs are not often shown properly while buying and selling of flats and land. “Besides, over pricing or under pricing of land and flats often take place during registration. For this, the government is losing revenue…and that’s why initiative has been taken to conduct survey at the sub registry offices,” he added.
He said that the incident of under pricing of flats and land often take place to evade tax side by side the over pricing of flats and land also take place to get high amount of bank loans. The NBR member hoped that such kind of survey by the NBR would unearth the anomalies.
Officials at the NBR said that initially the survey would be conducted at the sub-registry offices at Dhaka and Chattogram from January and later the operations would be expanded to Sylhet, Rajshahi and Khulna.
Meftah said, “After going to the sub-registry offices, the NBR officials will scrutinize whether the given information on flat and land purchase or sale is right or wrong. This will also let us know whether the ETINs are real or fake.”