Business Desk :
As per a new provision in the Income Tax Law 2023, taxmen now have the authority to disclose information about undeclared assets and income of tax-evaders in the current FY24, as restrictions on taxpayer-information privacy have been eased under the new law.
This new provision grants tax officials authority to release data regarding undeclared income and assets of taxpayers once these have been identified through investigation or inspection.
However, officials will not be permitted to disclose details about tax-evaders unless they have been uncovered through their own inquiry.
Officials said this provision will enhance the tax-collection efforts targeting evaders, as public shaming will serve as a deterrent to them.
According to the Income Tax Ordinance-1984 which has been replaced by the new income tax law, Deputy Commissioners of Taxes (DCTs) were held accountable for any unauthorized disclosure of information regarding tax defaulters.
The Right to Information Act, specifically Sections 7(h),(i),(j) and (r), stipulates that any information which may offend the privacy of one’s life, any information which may endanger life or physical safety of any person, any information given secretly to assist the law enforcing agencies, or any personal information protected by any law, are not subject to mandatory disclosure by government and certain private organizations.
This means that private or personal data cannot be accessed by just anyone.
Apart from undisclosed assets, the new tax law allows tax authorities to disclose taxpayer information to law enforcement personnel for investigation purposes under the Penal Code, the Anti-corruption Commission (ACC) Act, the Comptroller and Auditor General of Bangladesh (CAG) for the fulfillment of constitutional duties, as well as to customs and VAT authorities to combat money laundering and terrorist financing under the Foreign Exchange Regulation Act.