National Board of Revenue (NBR) Chairman Abu Hena Md Rahmatul Muneem said on Friday that the opportunity to legalize black money was introduced due to businessmen’s demands.
“The demand from the general mass was another reason to take the move,” he said at a post-budget press conference organized by the Ministry of Finance in Dhaka on Friday.
Responding to a question from journalists, the NBR chairman said: “There was a demand from the business community and the general public because some businesses could not show their legitimate assets due to audit-related reasons, which is why this opportunity has been given.
“Those who generate black money do not intend to use it in the economy; rather, it typically goes abroad. Black money is created for luxury and extravagance. Some money turns black during land transactions. Therefore, this opportunity has been provided to show those assets that could not be shown in returns, a practice that is also common in many countries.”
Got black money? Pay 15% tax to whiten itReplying to another question from the journalists, the NBR chairman added that former inspector general of police (IGP) Benazir Ahmed cannot whiten his black money.
He said they do not want to take the ex-IGP’s issue lightly as the matter is now a graft case.
Citizens of Bangladesh now have the opportunity to legalize their black money by paying a 15% tax for immovable properties.
They will not face any questions about the sources of their income in this fiscal year.
According to the proposed provision, authorities cannot raise any question if anyone pays a 15% tax on properties.
Finance Minister Abul Hassan Mahmood Ali presented the proposed budget for the 2024-2025 fiscal year amounting to Tk797,000 crore (Tk7.97 trillion) in parliament on Thursday.
This marked his maiden budget unveiling and the first budget after the reelection of the Awami League government in January.
