There is no opportunity to launder black money by investing in the capital market in the next 2022-23 financial year, says Finance Minister AHM Mustafa Kamal.
He made the remark while presenting the proposed budget in Parliament on Thursday.
Apart from this, he added that the opportunity to legalize the undisclosed income tax in the capital market in the next financial year has also been cancelled.
The minister said: “The government last year continued the opportunity to launder black money on the condition that it invest in the capital market for one year.
“At the same time, it was assured that those who would legalize undisclosed income would not be accountable to any authority about the source of the money.”
Kamal mentioned that, in addition, the tax was increased from 10% to 25% to launder money. “Besides, an additional 5% penalty tax was imposed on the 25% tax payable.”
Meanwhile, Moniruzzaman, managing director of IDLC Investments, said the provision of money laundering in the capital market has been in place for several years.
“However, so far no large funds have come to the capital market from this sector. Therefore, the decision of the government will not have much effect on the liquidity of the market,” he continued.