There is no special facility to legalise black money in the next financial year. So, to whiten black money, in addition to paying the applicable income tax, one would have to pay a further 10% fine.
Special benefits for legalising black money in the real estate sector have also been abolished.
In the previous financial years, in addition to paying applicable taxes, one would have to pay a 10% fine to legalise black money and they would be answerable to government agencies and the Anti-Corruption Commission regarding the source of the money.
But in the budget for the current financial year, considering the Covid-19 pandemic, the government offered the money whitening opportunity by paying only 10% tax, as an attempt to boost the economy. The provision to question the source of the black money was also cancelled.
As a result, black money has been heavily invested in the last few months.
According to the National Board of Revenue, some 10,400 people took the opportunity to whiten black money given by the government from July 2020 to April 2021.
In the period, nearly Tk14,000 crore was legalised and the government received income tax worth Tk1,450 crore.
The facility is due to expire on 30 June 2021.