112C black money whitened by just 150 people
In the first five months of the current fiscal year, Tk112 crore in undisclosed income — black money — has been whitened by 150 people using the special opportunity given by the government in the FY22 budget.
Of these people, 122 whitened their black money in the first three months of the current fiscal year, followed by 28 more in the next two months.
Through this, over Tk12 crore has been deposited in the state coffers as tax for legalizing undisclosed income.
According to the National Board of Revenue (NBR), Tk90 crore has been legalized by showing investment in cash, bank deposits, savings certificates, and other financial sectors.
The remaining Tk22 crore has been whitened by showing investment in the real estate sector and stock market.
At the same time last year, the amount of black money whitened was Tk550 crore.
In the 2020-21 fiscal year, a record total of about Tk20,600 crore black money was legalized as 12,000 taxpayers took the opportunity.
The list included doctors, government employees, readymade garment exporters, bank sponsor-directors, gold traders, and many more.
According to the NBR, the government has received about Tk2,000 crore as taxes through this scheme.
The budget for the current financial year provides an opportunity to whiten money with different tax rates applicable to various sectors, including the stock market, and with an additional 5% penalty.
According to the Finance Bill 2021, except for the scope to invest the undeclared income to establish factories, black money holders will have to pay higher taxes and a 5% penalty on the computed tax amount to legalize their wealth in FY22.
Undisclosed income holders who will establish new factories with fresh investment get the scope to legalize the invested money by paying just 10% tax.
Other than investment to build factories, persons with undeclared wealth will have to pay 25% tax on the amount of undisclosed income they will show as investment in stocks, savings certificates, or as cash, or that kept in banks in the form of deposits or financial instruments, in their tax returns.
In addition, they will have to pay a 5% penalty on the computed tax amount.
In case of legalization of investment in apartments and land, they will have to pay a specific amount of tax per square metre, depending on the location of the property.
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