15% tax on undisclosed money too much, should be 5%: Kishoreganj-2 MP Suhrab

The 15% tax for legalising undisclosed income mentioned in the proposed national budget for fiscal year 2024-25 (FY25) is too much and should be reduced to 5%, Kishoreganj-2 MP Suhrab Uddin told the parliament today (9 June) amid the ongoing debate on the issue.

Speaking at a discussion session on the supplementary budget for FY24, Suhrab Uddin said, “There is a dollar crisis due to money laundering. Money laundering will not stop if undisclosed income is not given an opportunity to show.

“It is being said that an opportunity has been given to whiten black money by paying a 15% tax. Actually, it is wrong information. The provision allows legitimate undisclosed income, not black money. In this case, there is no problem even if the tax is 5%.” 

“The more taxes are cut, the more money will be disclosed,” he added.

He also suggested that the government should allow more facilities to legalise undisclosed income. 

For instance, he said no question should be asked in the purchase of land and machinery for factories.