NBR intensifies crackdown on major tax evaders

The National Board of Revenue (NBR) has launched a new initiative targeting major tax dodgers, signaling its resolve to eliminate tax evasion and curb the creation of black money.

"Yes, it's high time for us to catch all the big fish," a senior NBR tax official told UNB.

The official noted that under the current interim government, the NBR has an opportunity to enforce its rules and regulations without fear or favor, ensuring that no tax evaders are spared.

In a significant move, the NBR recently requested banks to provide account details of the heads of five major business conglomerates to scrutinise their tax compliance.

The NBR's Central Intelligence Cell (CIC) has sought detailed information on the financial holdings of Beximco Vice-Chairman Salman F Rahman, Nassa Group Chairman Nazrul Islam Mazumder, Summit Group Chairman Mohammed Aziz Khan, Bashundhara Group Chairman Ahmed Akbar Sobhan, and Orion Group Chairman Mohammad Obaidul Karim.

The requested information includes details on term deposits, savings accounts, current accounts, loan accounts, foreign currency accounts, credit cards, lockers, and vaults held by the tycoons and their family members, dating back to July 1, 2015.

On Sunday, Finance and Commerce Adviser Dr. Salehuddin Ahmed emphasized the government's firm stance against the generation of black money.

"Our intention is clear—there will be no scope to generate black money anymore," he declared at a recent press briefing following a meeting with UN representatives.

NBR Chairman Md Abdur Rahman Khan also condemned the practice of whitening black money, describing it as an "indecent deed" and "completely unacceptable."

Addressing concerns about money siphoned abroad, Dr. Salehuddin, a former governor of Bangladesh Bank, confirmed that the government is actively working to stop this practice and recover the funds.

"We are taking steps to bring back the siphoned money," he assured, adding that Bangladesh Bank is already engaged in this effort.

Discussions with several NBR officials revealed that the interim government is committed to curbing the generation of black money, which often finds its way abroad through methods such as Hundi.

The officials noted that they have received policy directives from both the government and the NBR chairman.

"We will act in accordance with these directives," a senior official in the tax policy wing told UNB.

He acknowledged that during previous political governments, it was difficult to pursue individuals with connections to influential figures.

Referring to the list of five business tycoons, he pointed out that during the immediate past Awami League regime, such actions would have been impossible.

"Now, we have the liberty to catch the big fish, and we will seize this opportunity," he affirmed.

Former NBR chairman Muhammad Abdul Majid, who served during the 2007-08 caretaker government, described the current interim government period as a prime opportunity for the NBR to address its challenges in revenue collection.

He recalled that during his tenure, the NBR exceeded its revenue collection target of Tk 37,000 crore by collecting Tk 47,000 crore, a first in the organization's history.

The revenue collection target for the current 2024-25 fiscal year is Tk 5,41,000 crore, with the NBR expected to contribute Tk 4,80,000 crore, and the remaining Tk 61,000 crore coming from other sources