Amnesty for black money proposed as per businesses’ demand

The opportunity to legalise black money was introduced due to the demand of the businesses, said Abu Hena Md Rahmatul Muneem, chairman of the National Board of Revenue (NBR).

The demand from the general mass was also another reason to take the move, he said.

Muneem was speaking at a post-budget press conference organised by the finance ministry in Dhaka today.

The NBR came to know that some businessmen could not show their assets on tax files due to audit-related issues, he said.

"That's why we proposed introducing it."

The issue will be discussed in the parliament and the lawmakers will take the final decision on the matter, he said.

Journalists asked whether Benazir Ahmed, former inspector general of police, will also be allowed to whiten undisclosed income by using the opportunity, Muneem said it is now under court jurisdiction.

From the next fiscal year, taxpayers, including companies and firms, will again gain the opportunity to legalise their undeclared wealth without facing any question on their source.

According to the proposed provision, no authority can raise any question if any taxpayer, including companies, pay a 15 percent tax on cash, bank deposits, financial securities, or any other forms of wealth.

Furthermore, they will have to count a specific tax on properties -- land, buildings, flats, or commercial spaces -- to whiten their wealth.

Finance Minister Abul Hassan Mahmood Ali in the budget speech said incidentally the introduction of a data verification system has created legal complications over the disclosure of undisclosed income and assets of various companies.