• Tuesday, Feb 18, 2020
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Tipu Munshi: Tax for money whitening should be lowered

  • Published at 01:17 am June 28th, 2019
Commerce Minister Tipu Munshi
File photo of Commerce Minister Tipu Munshi Mehedi Hasan/Dhaka Tribune

He came up with the remarks while addressing a post-budget program of FBCCI in a Dhaka city hotel

Commerce Minister Tipu Munshi on Thursday said undisclosed money would not remain in the country if scope for investing the tainted money was not offered.

He came up with the remarks while addressing a post-budget program of FBCCI in a Dhaka city hotel.

The minister said undisclosed money being earned through legal ways should not be termed black money.

“It should be called undisclosed money, not black money,” Munshi stated.

It was not pleasing to hear the word ‘black money’, he said, jokingly referring to black complexion.

“Many people may not agree with me but this is high time for the country to go ahead with required investment,” Tipu added.

The minister said the facility was proposed to step up investment.

The proposed 10% tax for money whitening should be revised, he suggested, adding the rate should be lowered for those who would generate higher number of employment.

The draft budget offered a facility for whitening black money by investing it in economic zones and high-tech parks with a 10% tax.

He said the revenue official would not ask any question about the sources of the money.