NBR lists 286 business orgs to gather foreign workers’ tax info - Share market analysis of dhaka stock exchange, Bangladesh

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11 January, 2017 10:19 AM Source: New Age

The National Board of Revenue has identified 286 business entities in Dhaka and its adjacent districts where a significant number of foreigners are employed for scrutiny of information related to foreigners’ salary and tax payment status.
More than 12,000 foreigners are now working at listed business houses and at many other small-scale organisations in manufacturing and service sectors in Dhaka region including Gazipur and Narayanganj.
Inspection sub-committee of the NBR’s Dhaka regional taskforce on collection of applicable income tax and penalty from foreign nationals working in the country and their employers prepared the initial list as part of developing a database.
The taskforce is planning to carry out inspection activities on some randomly-selected factories or business premises for collecting details of foreigners, their income and tax payment status on pilot basis, a member of the taskforce told New Age on Tuesday.
The taskforce has no any intention to harass the foreign workers or their employers but such inspection programme is needed to enforce the penal provisions of the income tax law and create awareness among the employers on their legal obligation on the issue, he said.
Such surprise inspection to some business organisations premises will send message to all organisations against employment of unauthorised foreigners, the taskforce member added.
He said that the main objective of the programme was to collect information on foreign workers’ income and tax payment status.
The team will also ask the employers to deduct the applicable income tax on salary of foreign workers and pay penalty applicable for the employers in case of violation of the provisions of the law including employing illegal foreigners.
According to the Income Tax Ordinance-1984, taxmen can impose penalty as much 50 per cent of total payable tax of an employer or Tk 5 lakh in a fine for employing even a single foreign nationals without work permit from the authorities concerned.
The revenue board will also scrap the tax benefits including tax holiday facility for the companies for violation of the provision, they said.
Members of the taskforce said that they were waiting for nomination of the Federation of the Bangladesh Chambers of Commerce and Industry in the inspection sub-committee for starting the inspection.
They have already asked the FBCCI for nominating two representatives for the team.
They will also seek the approval of NBR chairman Md Nojibur Rahman for conducting such inspection as he is the head of the national taskforce.
After getting nomination from the FBCCI and approval of the NBR chairman, the team wants to start visiting the premises of the businesses entities as soon as possible.
Officials said that Chittagong regional taskforce was also working on the issue.
The highest 30 per cent tax is applicable on income of foreign nationals working in the country. 

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