Online Desk : The Finance Bill was passed in Jatiya Sangsad on Tuesday providing wholesale scopes of whitening black money.
However, instead of paying 10 per cent tax like the previous years, the government has imposed 25 per cent tax for whitening untaxed money, along with 5 per cent fine on that tax.
Individuals will be able to whiten black money by holding cash, keeping money in bank accounts, and buying savings certificates. At the same time, if someone intends to invest black money in share market, he or she will be able to do it by paying tax and fine.
Besides, black money can be whitened by purchasing lands, apartments and flats after paying taxes on the basis of residential areas and sizes.
Black money holders will be able to avail the opportunity of whitening their money till June 30, 2022.
Moreover, black money can be whitened by investing in new factories and industries.
The decision comes as manufacturing industry investment has nearly come to a halt in the Covid-19 outbreak.
The black money will have to be invested and paid over the Automated Challan System (ACS).
Earlier on Thursday, the National Board of Revenue (NBR) had requested an amendment to the Finance Bill placed in Jatiya Sangsad on June 3 last.
The NBR proposed revising the budget bill with a legal indemnification provision prohibiting relevant government agencies from inquiring about the source of the funds.
