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Finance Adviser Dr Salehuddin Ahmed has acknowledged that the opportunity to whiten black money in the proposed national budget is not a commendable measure and hinted that this provision might be reviewed, if required.
In the proposed budget for the fiscal year 2025-26, there is no blanket provision for whitening black money, he said, adding that if someone possesses undisclosed money, a provision has been kept to disclose the income under certain conditions. In the proposed budget, the interim government has offered black money whitening opportunity through higher tax rates when invested in land and house property.
Dr Salehuddin Ahmed was addressing a post-budget press conference in the city's Osmani Memorial auditorium on Tuesday.
Speaking on the occasion, National Board of Revenue (NBR) Chairman Dr Abdur Rahman Khan said there is no direct provision for legalising black money in the proposed budget. "No special provision exists in the budget on black money. However, individuals will be allowed to use their undisclosed income by paying additional taxes in certain specified sector," he said.
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