Can Benazir legalise illegal assets by paying 15% tax?

The proposed budget for the fiscal year 2024-25 (FY25), which includes a provision to legalise black money by paying a 15% tax, has raised questions about whether individuals like former inspector general of police (IGP) Benazir Ahmed, who has allegedly amassed illegal wealth, can also benefit from this opportunity.

Responding to such a question at a press conference today (7 June), National Board of Revenue (NBR) Chairman Abu Hena Md Rahmantul Munim said Benazir will not be eligible for the facility to whiten his alleged illegal assets.

"Since Benazir's case falls under criminal and legal procedures, how will it become legal by paying tax?" he told the reporters at the post-budget press conference held at the city's Osmani Memorial Auditorium in the afternoon.

Now companies can also whiten black money

"Our legitimate businessmen face more disadvantages. Due to certain complexities, they are unable to show some assets as legal because of audit issues. This is why we made this proposal," the NBR chairman said, referring to the proposal related to the legalisation of black money.

In response to a question about the availability of the facility, he said, "This matter will be discussed in the parliament."

Earlier, the NBR chairman said, "Certain assets remain undisclosed due to various factors such as negligence in tax return filing or the use of intermediaries.

"Therefore, they have been provided with the chance to legalise undisclosed income by paying a 15% tax, granting them the opportunity."

He further mentioned that certain complexities concerning land matters in Bangladesh often result in money or assets naturally becoming illegal.