Govt for amnesty to bring back laundered money
Launderers will have to pay taxes ranging from only 7-15% in order to avail of this opportunity
The government has decided to offer Bangladeshis a scope for legalising their unreported assets outside the country without facing any questions in the next fiscal year.
They will have to pay taxes ranging from only 7-15% in order to avail of this opportunity, announced Finance Minister AHM Mustafa Kamal while placing the proposed budget for FY2022-23 before the parliament on Thursday.
According to the proposed provision, no authority, including the income tax authority, will raise any question as to the source of any asset located abroad if a taxpayer pays tax on such assets.
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Kamal proposed a 15% tax on immovable property not repatriated to Bangladesh, 10% on movable property not repatriated to Bangladesh and 7% on cash and cash equivalents repatriated to the country.
The opportunity will be in force starting from the first day of the new fiscal and will end on 30 June, next year.
The minister hoped that the proposed provision, when implemented, will increase the flow of foreign currency to our economy, increase income tax revenue, and the taxpayers will also feel relieved by availing this opportunity to declare their assets and money acquired/earned abroad in their respective income tax returns.
