Scope to whiten black money likely in next budget

The opportunity for whitening the black money is likely to be given in the coming national budget of 2024-25 fiscal year, with a 15 per cent tax rate.

The scope is likely to remain for one year, said sources from the National Board of Revenue (NBR).

The announcement in this regard is likely to be made from the unveiling of the national budget on 6 June.

The opportunity was given two years ago with 10 per cent tax to legalise undisclosed money. But this was later cancelled due to lack of response.

Though the opportunity was given once again the following year to bring back the laundered money home, no one took this opportunity. After a gap of one year, the opportunity to whiten black money may be given again in the next fiscal year.

NBR sources said so far the undisclosed amount of around Tk 470 billion has been made white.

In 15 years of the governments formed by Ziaur Rahman and General Ershad, only Tk 950 millions was whitened. In the last three terms of Awami League (2009-2023), a large amount of about Tk 330 billion have been legalised.

Alongside providing opportunities for whitening the black money, the caretaker government from 2007 to 2008 created an anti-corruption task force. At that time, a maximum of 32,000 taxpayers took the opportunity.

So far, the highest Tk 206 billion was whitened in one year in the 2020-21 fiscal year. As many as 11,859 people whitened their black money by buying land and flats and investing in the stock market or paying taxes at that time.

People took the opportunity the most at that time as international communications were restricted due to the Covid-19 pandemic, said tax officials.