Highlights
Broken-down Land Minister Saifuzzaman Chowdhury Javed reportedly owns hundreds of apartments in a foreign places country and wealth amounting to hundreds of crores of taka, yet his declared assets in Bangladesh full handiest Tk19 crore.
The preliminary investigation by the Central Intelligence Cell (CIC) of the National Board of Earnings (NBR) has revealed that the susceptible land minister declared a earn asset of Tk18.77 crore within the country for the fiscal 2023-24. All the scheme in which by scheme of the duration, he reported an profits of Tk74 lakh, on which he paid Tk19.26 lakh in taxes.
In step with the unique profits tax regulation, any particular particular person’s assets in a foreign places country, although earned in a foreign places country, desires to be disclosed within the country’s profits tax file. Alternatively, records from the CIC indicates that the susceptible land minister did now not anecdote his foreign places assets in his tax file.
When asked regarding the penalty for now not declaring foreign places assets, Ikhtiar Uddin Mohammad Mamun, director frequent of BCS Tax Academy, urged TBS, “If foreign places assets have to now not disclosed, there may maybe be a correct sort provision to confiscate those assets.”
But one more senior tax respectable, who used to be fervent in formulating tax protection, urged TBS, “In 2022, a provision used to be introduced requiring the declaration of offshore assets to boot to home assets in tax recordsdata. Failure to conform will consequence in profits tax being imposed on those assets, alongside with penalties.”
He added, “Additionally, if valuable, a criminal case also can furthermore be filed, and upon receiving a court docket expose, those assets can furthermore be confiscated.”
A senior NBR respectable, talking on condition of anonymity, urged TBS, “We have decided to delivery contact with the UK authorities to procure records regarding his assets. A letter may maybe well be despatched to them soon.”
Alternatively, susceptible NBR chairman Muhammad Abdul Mazid urged TBS, “The people whose tax recordsdata are in actuality being investigated had been paying taxes for a in actual fact long time. So, why weren’t their tax recordsdata audited all these years? The officials who allowed these recordsdata to trot without scrutiny ought to furthermore be held to blame, and correct sort circulate desires to be taken against them.”
He extra acknowledged, “There is a kind of focus on and investigation ongoing soft now, nevertheless once the issue calms down, the accused also can stop up getting away with it again.”
NBR officials acknowledged Saifuzzaman declared assets totalling Tk25.74 crore, including investments in banks, cash, the stock market, and agricultural and non-agricultural land, alongside with liabilities amounting to Tk6.97 crore. His earn assets thus stand at Tk18.77.
An investigative anecdote by Qatar-essentially essentially essentially based Al Jazeera states that the susceptible land minister possesses assets worth over $500 million, including 360 properties within the UK and varied varied international locations.
Earlier this One year, after records about his offshore assets used to be published within the country’s media, Saifuzzaman acknowledged the existence of assets within the UK, the US, and plenty of different varied international locations at some level of a press conference at the National Press Club within the capital on 2 March. He claimed that these assets had been obtained by scheme of respectable substitute channels.
Within the meantime, Bangladeshi-initiating effect British MP Apsana Begum has urged the UK’s National Crime Agency (NCA) to analyze allegations of corruption and cash laundering against susceptible Bangladesh land minister Saifuzzaman Chowdhury.
In a letter to NCA Director Identical old Graeme Biggar, Apsana Begum acknowledged that Saifuzzaman is already below investigation by Bangladesh’s Anti-Corruption Fee (ACC) for alleged embezzlement and claims that he laundered hundreds of hundreds of bucks into the UK.
She wrote the letter following the Al Jazeera anecdote that uncovered how the susceptible Bangladeshi minister built a property empire now discipline to corruption investigations.
“74 properties are in Poplar & Limehouse. The National Crime Agency have to freeze, investigate & repatriate assets & funds belonging to Bangladesh,” Apsana wrote on her verified Fb page in a post that furthermore incorporated a photograph of the letter.
In her letter, the UK MP cited an Al Jazeera anecdote titled “The Minister’s Thousands and hundreds,” which specializes in Saifuzzaman’s accumulation of enormous wealth in a foreign places country.
“The assets in ask belong to Bangladesh and I imagine they desires to be returned to strengthen the people of Bangladesh as they try for democracy and a society that is walk of their interests,” she acknowledged within the letter.
Citing a Financial Times anecdote, Apsana identified that entities managed by Saifuzzaman possess obtained now not lower than 280 properties within the UK, with a full price exceeding 150 million kilos.
“Given that Bangladesh’s ACC is searching for international cooperation to enhance any misappropriated funds, I may maybe well maybe be most grateful whenever you happen to may maybe well maybe clarify what steps had been taken to analyze and freeze all UK-essentially essentially essentially based assets owned by Mr Chowdhury and others discipline to those corruption investigations,” she wrote.
She added that freezing and repatriating the related funds is very well-known now not correct sort for justice and the protection of people’s rights in Bangladesh nevertheless furthermore for safeguarding the UK’s reputation and international standing.
The Al Jazeera anecdote, published on 18 September, revealed that Saifuzzaman Chowdhury has accrued a staggering quantity of wealth in a foreign places country, ranging from hundreds of luxurious properties unfold across more than one continents, to luxurious autos, crocodile shoes, and Italian fits.
The anecdote highlighted that his property shopping gained trudge in 2017 when he blueprint up UK companies nevertheless accelerated in 2019 when he grew to change into a authorities minister.
Earlier this One year, Bloomberg News reported that Saifuzzaman Chowdhury has built up a UK precise estate empire of more than 350 properties worth over Tk2,000 crore.
The Bloomberg reports furthermore counsel the susceptible minister’s involvement in investments in Manhattan, US, extra including to the scrutiny surrounding his financial portfolio.
