Proposed budget keeps scope of whitening black money

In the budget for fiscal year 2024-25, Finance Minister Abul Hassan Mahmood Ali has proposed reintroduction of the opportunity of legalising undisclosed income or ‘black money’ with a payment of 15 per cent tax.

A bdnews24.com report said individuals can legitimise their funds without facing inquiries about the source of their income for the current fiscal year.

In the fiscal year 2020-2021, the government had previously allowed the legalisation of undisclosed income with a 10 per cent tax.

While placing the budget on Thursday, minister Ali highlighted that the recent introduction of a Data Verification System had inadvertently made it more challenging for companies to legally disclose their income and assets.

He also acknowledged that discrepancies in disclosures of acquired could arise due to unavoidable issues, including errors made by taxpayers while filing returns.