The Financial Express

‘NBR to reveal key upshot on money laundering probe in due time’

BFIU, CIC, CIID working jointly for it

| Updated: November 23, 2017 09:44:25

- File photo used only for representation. - File photo used only for representation.

The National Board of Revenue (NBR) has made significant progress in its investigation into money laundering (ML), which will be disclosed in time, said NBR Chairman Md Nojibur Rahman on Tuesday.

Responding to the queries of newsmen on 'Paradise Paper' leaks, he said the investigation is going on regarding capital flight, and it will be investigated further under an organisational structure.

"Bangladesh Financial Intelligence Unit (BFIU), Central Intelligence Cell (CIC) and Customs Intelligence and Investigation Directorate (CIID) members are working together on money laundering-related issues."

The entities are exchanging information with each other to detect money laundering, added the NBR chairman, also senior secretary to Internal Resources Division (IRD).

Bangladesh Bank (BB) Governor Fazle Kabir said BB is yet to start working on 'Paradise Paper' leaks.

Names of some Bangladeshi businesses have been disclosed in the recent leaks, which raised concern among people.

The chiefs of BB and NBR said these to the reporters after a programme, arranged by the Large Taxpayers Unit (LTU) on its premises in the capital for honouring 10 large corporate taxpayers for winning tax cards.

In the programme, LTU under NBR's Income Tax Wing honoured 10 banks and non-banking financial institutions (NBFIs) for winning tax cards by paying higher amount of tax in the fiscal year (FY) 2016-17.

Islami Bank Bangladesh Limited (IBBL), Standard Chartered Bank (SCB), The Hong Kong and Shanghai Banking Corporation Limited (HSBC), United Commercial Bank Limited (UCB), Pubali Bank Limited, Dutch-Bangla Bank Limited (DBBL), IDLC Finance Limited, Uttara Finance and Investments Limited, Infrastructure Development Company Limited (IDCOL) and American Life Insurance Company (ALICO) were honoured in the programme.

IBBL MD Md Abdul Hamid Miah, SCB CEO Naser Ezaz Bijoy, HSBC CEO Francois de Maricourt, UCB MD and CEO A E Muhaimen, Pubali Bank MD and CEO Abdul Halim Chowdhury, DBBL MD and CEO Abul Kashem Md Shirin, IDLC MD and CEO Arif Khan, Uttara Finance MD and CEO S M Shamsul Arefin, IDCOL CEO Mahmood Malik and ALICO General Manager Syed Hammadul Karim received crests on behalf of their respective companies.

The NBR chairman along with NBR member (tax administration and human resources management) Abdur Razzaque attended the programme as special guests. LTU Commissioner of Taxes Md Alamgir Hossain chaired the programme.

The BB governor appreciated the initiatives of LTU to minimise gap between the large taxpayers and the taxmen.

"I am very happy to know that banking sector contributes 49 per cent and non-banking sector 25 per cent to LTU's total revenue."

He said NBR and BB are working together as partners for expediting economic growth of the country.

"The revenue collection target for LTU seems quite stiff this year. Cooperation of the banks and the NBFIs would be needed to meet the target," he opined.

LTU collected Tk 149 billion income tax in FY 2016-17. The target for the unit has been set at Tk 182 billion for this FY, 2017-18.

The NBR chairman said the large taxpayers are 'tax champions', who are playing a significant role in revenue collection.

NBR member Mr Razzaque said LTU contributes 26 per cent to the aggregate income tax collection.

Some 26 taxpayers of LTU have received tax cards this year out of 141 tax card winners, he further said.

LTU commissioner Mr Hossain said the unit is honouring the taxpayers for the first time for their contribution.

He also appreciated continuous support of the large taxpayers through payment of advance tax at request of LTU.

The IBBL MD said the growth of banking sector will be reflected in revenue collection. "Islami Bank is paying significant amount of taxes for making a notable amount of profit. The bank's tax payment may increase by Tk 2.0 billion in the current year."

He requested the taxmen to extend friendly cooperation to the taxpayers and consider their minor mistakes.

The HSBC CEO said the company has been paying tax for the last 20 years and is proud to get the recognition.

LTU starts its journey in November 2003 with 939 taxpayers. There were some 251 companies and 688 individual taxpayers under the unit. During the last 14 years, the number of its taxpayers increased to 1,177. Of them, some 418 are corporate taxpayers.

Currently, there are 60 banks, 29 NBFIs (leasing and investment), 68 merchant banks, 74 manufacturing units, 29 life insurance companies, 48 general insurers, six mobile phone operators, six food and beverage sector companies, 14 garment companies, 27 textile companies, nine multiple products manufacturers, 12 pharmaceuticals and 36 other companies are under LTU. There are 759 individual taxpayers are also under it.


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