Jatiyo Party lawmaker speaks against black money whitening provision, independent MP wants tax on it lowered

Three members of parliament have expressed conflicting views on the opportunity to legalise black money with a 15% tax in the proposed budget for the upcoming fiscal year 2024-25.

In the general discussion on the proposed budget in the National Parliament on Sunday (23 June), Jatiyo Party MP Masud Uddin Chowdhury of Feni-3 railed against the government for allowing the provision to whiten black money, saying it would discourage the honest persons and taxpayers.

“Fifteen percent tax is being imposed to whiten black money. It discourages honest tax payers and encourages black money holders who do not pay tax. Is this reasonable?” he said.

The Jatiya Party MP said there are two types of black money. “One is more black and the other is slightly less black, which is legitimately earned but not taxed — such as the income of doctors, lawyers who can be given the opportunity to legitimise by paying tax,” he added.

“But the money which is illegally earned cannot be given the opportunity to legitimise in any way. In this case, fines and investment conditions should be imposed,” he further said.

On the other hand, Kishorganj-2 independent MP Sohrab Uddin claimed that no one will whiten black money by paying 15% tax. For this, he demanded the opportunity to legalise undisclosed income by paying 5% tax.

“Previously, an opportunity was given to show undisclosed income by paying 10% tax. But no one took the opportunity. No one will show undisclosed income by paying 15% tax. If it is made 5% people will show their huge undisclosed incomes,” he said.

Participating in the discussion, independent lawmaker Abdul Kader Azad of Faridpur-3 said, “The real tax payers are paying up to 30% tax so why the black money owners have to pay only 15% tax to make their money legal.”