Interim govt decides to revoke facility of whitening black money
The interim government has decided to stop the practice of whitening the black money.
The decision was taken at a meeting of the advisory council of the government at state guest house Jamuna today (29 August).
Syeda Rizwana Hasan, adviser for environment, forest and climate change, confirmed the matter after emerging from the meeting.
In the FY25 budget approved in July, the recently ousted Awami League government permitted the legalisation of black money with a 15% tax.
This decision faced intense public criticism, as legitimate taxpayers are subject to income tax rates of up to 30% plus an additional surcharge. At that time, critics argued that allowing black money to be whitened with a 15% tax could exacerbate financial sector irregularities.
Recently, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), a leading business organisation, has also called for the cancellation of this controversial scheme.
For FY21, the former Awami League government also allowed black money legalisation with a 10% tax. According to NBR sources, a total of 11,839 people legalised about Tk20,500 crore in FY21 – the highest in the country’s history in a single year and NBR received Tk2,064 crore in revenue from those investments.
After the NBR meeting, the financial adviser told reporters, “The financial sector is in a precarious state. Nevertheless, we have managed to keep the entire economy functioning.”
The sector was destroyed in a period of 15 years, hence, its recovery will take time, he added.
On 20 August, during a meeting with business leaders, Chief Adviser Muhammad Yunus also said the interim government inherited a fragile economy but expressed confidence that significant reforms would soon lead to improvements.
Finance Adviser Salehuddin Ahmed on Tuesday directed NBR officials to expedite the clearance of goods at the port and to ensure swift processing of import-export consignments.
He said, “We must ensure that the government does not create any obstacles for taxpayers. Those who pay their taxes regularly should not face harassment, while those who evade taxes should not be exempted.”
NBR Chairman Abdur Rahman Khan was also present at the press briefing after the meeting.
He said, “We aim to collect revenue from businessmen by earning their full confidence, which will help us meet our revenue targets.”
Abdur Rahman also emphasised his commitment to timely revenue collection.
