Friday, November 27, 2020 | ePaper

Others are taking tax benefits meant for fish farms

  • Print
FISH farmers have alleged that despite having no such business, some people were showing income from fish farms due to lack of effective monitoring by the tax department. They also alleged that this group of people were paying a small amount of taxes showing that they earned the money from the so-called fish farms, which does not even exist in reality.
Currently, the fish farm owners enjoy a special rate of reduced tax under a Statutory Regulatory Order (SRO) of the National Board of Revenue (NBR). For availing the reduced tax rate, the tax-payers do not have to furnish any document such as licences or other papers with the tax returns as a proof of having a fish farm.
The government had known from the very start that it could lose a significant amount of revenues for awarding unconditional tax exemption limit to fish farmers as dishonest tax-payers may take the advantage of evading tax.  That the tax benefit finalised in the budget for the 2015 fiscal year would help black money holders to show a significant amount of income from fish farming, even sometimes without having any such earning from the sector, was known to tax officials and anti-graft campaigners .
But in spite of this they went ahead and allowed the legal loophole. As many as 28 lawmakers declared themselves as fish farmers in 2015 to take advantage of this loophole. Despite many ways to close this --- including ensuring an effective monitoring system. requested imposing some conditions against the tax benefit including having a trade licence, contract paper of ownership or lease of ponds, legal licences of fish farms and fish hatchery and certification from the association, the practice continues.

More News For this Category

Students are overly anxious of SSC, HSC exams as no directives yet to give

UNCERTAINTY prevails over the Secondary School Certificate examinations and Higher Secondary Certificate examinations as the government had cancelled all examinations at educational institutions amid the Covid-19 outbreak early last

Signing FTA with ASEAN nations needs cautious move

REPORTS in a national daily said signing of free trade agreement (FTA) with individual countries or external trade blocs particularly with ASEAN countries figured prominently in discussion in foreign



Mohammad Amjad Hossain :The present situation in the United States of America following the presidential election on 3 November this year exceeds the situation of third world countries. Drama

Sexual Violence

Sexual Violence

Naitore Nyamu & Sharon Cohn Wu :While infectious diseases - measles, flu, polio, tuberculosis, severe acute respiratory syndrome, malaria, Ebola, HIV/AIDS, Covid-19 - have swept the globe, with the

Proposed DAP should include provision of protecting city waterbodies

DESPITE LGRD Minister Tajul Islam's last Sunday assurance that Dhaka will be transformed into a modern and liveable city, the proposed Detailed Area Plan (DAP) for the capital is

EU sounds GSP withdrawal warning

Bangladesh is still at risk of losing the European Union's generalized scheme of preferences (GSP) as the latter has again warned about its readiness to launch the procedure for

Violence Against Women

Violence Against Women

Nusayr Ahmed Chowdhury :Against the backdrop of International Day for the Elimination of Violence against Women 2020, this article explores the root factors of violence and its impact on

Learning Joyfully

Learning Joyfully

Dr. Md. Enamul Hoque :Education Minister Dr. Dipu Moni recently expressed that the government want to make country's education joyful. She opined that our education system is very much

Women entrepreneurs need to be encouraged

BANGLADESH has bottom-ranked among 58 economies in the Mastercard Index of Women Entrepreneurs for 2020, meaning the country is among the toughest places for female business owners. The highly lauded

Fraudsters are dominating EC to get NIDs

PEOPLE are facing immense suffering in availing NID card related services, including its correction, due to indifference of the concerned Election Commission officials. As per a report of our daily