TDS DESK:

Bangladesh has reintroduced the opportunity for its citizens to legalise their undisclosed income or ‘black money’.

By paying a 15 percent tax on immovable properties, individuals can legitimise their funds without facing inquiries about the source of their income for the current fiscal year.

After a four-year pause, the controversial provision found its way back in the budget for FY 2024-25 worth nearly Tk 7.97 trillion unveiled in parliament on Thursday by Finance Minister Abul Hassan Mahmood Ali.

In the fiscal year 2020-2021, the government had previously allowed the legalisation of undisclosed income with a 10 percent tax.

Minister Ali highlighted that the recent introduction of a Data Verification System had inadvertently made it more challenging for companies to legally disclose their income and assets.

He also acknowledged that discrepancies in disclosures of acquired could arise due to unavoidable issues, including errors made by taxpayers while filing returns.