An appeal to NBR chairman
The NBR has extended the date for filing income tax returns but has said that it would not extend the date for declaring undisclosed or undeclared money. As a banker I can say with impunity that the bulk of money deposited in banks by stakeholders in the form of certificates and fixed deposits have not been declared as it is time consuming and cumbersome. If they had done so there would have been a run on the banks.
The NBR should at least give the stakeholders enough time till the filing of income tax returns next year in 2008 to whiten the money still remaining undeclared. We just cannot change our culture overnight. The money deposited as FDRs and savings certificates have been instruments for the middle and upper middle classes to earn a living for ages. Many of the depositors are still in the dark and do not know what to do. The NBR also has not orchestrated its cause in a polite and non-intimidating manner. The NBR should publicise the matter more forcibly in public media more often and regain the confidence of the depositors. If it can project itself as a friend of the depositors, instead of being a demonising foe, I am sure by 2008 most of our valued customers will declare their undeclared assets and the NBR will be able to get its levy on it without any coercion or instilling of the fear and intimidation factor. The banks too could be approached to persuade the customers and make the taxation procedure easier for them. It requires time and cannot and should not be pushed through.
Many of the bank customers who have accumulated money over decades through inheritance, sale of land and other genuine sources may not also be able to produce proper documents. On top of that billions of taka has been whitened by giving a seven percent penalty by delinquents of the past 2001-2006 BNP-Jamaat-e-Islami government.
Reforms in any sector have to be a smooth ongoing process under the supervision of an elected democratic government. Reforms cannot be pushed down one's throat forcibly under emergency powers. It might then be regurgitated if changes brought under an undemocratic government is challenged in a court of law after the return of democracy.
Finally, I would request the Honourable Chairman of the NBR to extend the deadline at least till the end of July, 2008.
I am sure by doing so the NBR's bold and recommendable initiative to bring discipline, accountability and transparency in the financial sector through the ongoing reform process will enhance our image abroad and instill confidence and self-responsibility amongst the valued customers in the banking sector. This I am sure will be highly praised and taken forward by the next elected government.
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