Got black money? Pay 15% tax to whiten it

Citizens of Bangladesh now have the opportunity to legalize their black money by paying a 15% tax for immovable properties. 

They will not face any questions about the sources of their income in this fiscal year.

According to the proposed provision, authorities cannot raise any question if anyone pays a 15% tax on properties.

Finance Minister Abul Hassan Mahmood Ali mentioned that the introduction of a Data Verification System has inadvertently led to legal complications regarding the disclosure of undisclosed income and assets of various companies.

He also pointed out that due to unavoidable circumstances, including taxpayers' ignorance in filing returns, there may be "errors" in the disclosure of acquired assets.

Finance Minister Abul Hassan Mahmood Ali presented the proposed budget for the 2024-2025 fiscal year amounting to Tk797,000 crore in parliament on Thursday.

This was his first budget unveiling and the first budget after the reelection of the Awami League government in January.