New taxpayers: NBR relaxes rules on spot assessment

The National Board of Revenue (NBR) has broadened and relaxed the rules for bringing new taxpayers under the tax net by assessing their incomes on the spot. As such, the revenue authority will be able to register new taxpayers through spot assessments from the next fiscal year, expanding its reach from shopping centres or commercial markets for identifying businesses and professionals, who despite having taxable income, still remain outside the net. Taxmen will not raise any question regarding the source of capital, according to the Finance Bill 2022 placed by the finance minister for the next fiscal year. Various stakeholders, including leading chambers, have been demanding the NBR bring more people under its coverage to increase the collection of income tax, which accounts for 32 per cent of the government’s total revenue. If anyone shows annual income of Tk 5 lakh and pays tax of Tk 15,000, he would be able to show Tk 25 lakh as initial capital.

Source: https://www.thedailystar.net/business/economy/industries/tax-customes/news/nbr-relaxes-rules-spot-assessment-3050766

Laundered money: Tk 1,294cr confiscated since FY17

The Bangladesh Financial Intelligence Unit (BFIU) has confiscated Tk 1,294 crore from money launderers since the fiscal year of 2016-17 as per court orders, said the agency yesterday. A total of 46 court cases were involved in the confiscation process. In addition, Tk 1,330 crore was seized since FY16 from entities and persons who were allegedly involved in money laundering. The BFIU, the national body dedicated to preventing money laundering and terrorist financing, organised the event to mark its 20th anniversary. The country’s foreign currency reserves now stand at $41.5 billion, which is enough given the current trend of imports.

Source: https://www.thedailystar.net/business/economy/news/tk-1294cr-confiscated-fy17-3050771

Meta to sell virtual clothes for real money

Facebook owner Meta Platforms is launching a digital clothing store where users can purchase designer outfits for their avatars, Chief Executive Mark Zuckerberg said on Friday. A Meta spokesperson said they would be priced between $2.99 and $8.99, much less than the real outfits by those designers. Prada’s Matinee ostrich leather bag, for example, sells for $10,700. Avatars have emerged as one way for Meta to link user identity across Facebook, Instagram and its other services, as it increasingly ties the platforms together and steers toward building an immersive “metaverse” of shared, interconnected digital worlds where users can gather.

Source: https://today.thefinancialexpress.com.bd/trade-market/meta-to-sell-virtual-clothes-for-real-money-1655569163