Abolition of chance to launder black money proposed...

Abolition of chance to launder black money proposed

 Staff Correspondent daily-bangladesh.com

 Published: 09:42 PM, 9 June 2022   Updated: 09:42 PM, 9 June 2022

File Photo

File Photo

Due to the non-investment of undisclosed funds, as expected, there is no opportunity to launder black money in the proposed budget for the 2022-23 fiscal year. 

This was stated by Finance Minister AHM Mustafa Kamal while presenting the budget proposal for the fiscal year 2022-23 in the Jatiya Sangsad on Thursday.

The Finance Minister said, “I am proposing to cancel the opportunity to whitewash the undisclosed income in the capital market with taxes in the next fiscal year.”

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 want any authority to know about the source of the money. The tax was raised from 10 percent to 25 percent to launder money. Apart from this, an additional 5 percent penalty tax was imposed on the 25 percent tax payable.

Earlier, Finance Minister AHM Mustafa Kamal presented a proposed budget of Tk 6,78,064 crore for the 2022-23 fiscal year. The main theme of the proposed budget is to “return to the continuity of development beyond the impact of Covid.”

The size of the proposed budget of the Finance Minister in the National Assembly is Tk 74,383 crore more than the proposed budget for the current 2021-2022 fiscal year which was Tk 84,564 crore more than the revised budget.

DailyBangladesh/AS