The interim government has decided to abolish the provision of laundering of undisclosed or black money.
The decision was taken at the weekly meeting of the Advisory Council of the Interim Government at the Govt Guest House Jamuna in the city on Thursday.
At the end of the meeting, the Adviser of the Ministry of Environment, Forest and Climate Change Adviser Syeda Rizwana Hasan disclosed this to the media.
Sources said the National Board of Revenue (NBR) will issue a notification in this regard very soon.
Previously, the 2024-25 fiscal year budget proposed an amnesty with significant tax incentives for individuals who had not declared their assets. This move was intended to boost revenue.
However, Transparency International Bangladesh (TIB) expressed shock and disappointment over the 'unethical' provision in the budget, which allowed the whitening of black money disguised as undisclosed income.
The anti-graft watchdog warned that the facility to legalize black money with just a 15 per cent tax would discourage honest and legitimate taxpayers, as no authority would question the origin of the money and assets declared under this provision.
This decision of the then government faced severe criticism. Because legitimate taxpayers have to pay up to 30 per cent income tax as well as additional surcharge.
