Provision of whitening black money to be scrapped

The provision for whitening black money by paying 15 percent tax, included in the national budget for 2024-25 fiscal year is going to be cancelled as part of reforms in various sectors.

The decision was made at the weekly meeting of the advisory council of the interim government held at the state guesthouse Jamuna on Thursday (August 29) with Chief Adviser Prof Yunus in the chair.

“A clear decision has been made to stop the practice of whitening black money,” Adviser on Environment, Forest, and Climate Change Syeda Rizwana Hasan told reporters after the meeting.

The government has given importance to moral issues instead of whatever money is coming through whitening black money.

Earlier, Transparency International Bangladesh (TIB) expressed concern over the 'unethical' provision in the recently announced budget that allows the whitening of black money disguised as undisclosed income.

The anti-graft watchdog feared that the facility to legalize black money with just 15 percent tax would discourage honest and legitimate taxpayers, as no authority would question the money and assets declared under this provision.