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Scope now cut down to 1 year

Muhith tells JS on money-whitening; money source must be declared

Staff Correspondent
Amidst widespread criticism, the government retracted its earlier decision to allow whitening of black money for the next three years and instead declared that this scope would now be available only for the next fiscal year.
Finance Minister AMA Muhith in his closing speech before the passage of the finance bill declared the government's revised decisions in parliament yesterday.
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The source of the money would have to be disclosed, he said, adding that the scope for whitening money would remain valid from July, 2009, to June, 2010, for investment in new industries and infrastructures as well as in the share market.
If the declarations made while taking this advantage are proved false later on, the scope for whitening money would be cancelled.
, If investment is made in the share market, it cannot be withdrawn in two years, Muhith said.
A person would also be able to buy a flat with whitened money during this period but he or she would not be able to buy another flat with whitened money in his or her lifetime, the minister said.
Earlier, in the proposed budget for 2009-10, the government allowed legalising of black money for the next three years with 10 percent tax on the disclosed amount, sparking huge criticism across the country.
The government also decided to reduce to three percent the proposed customs duty on the import of newsprint.
He also announced tax cut on motor vehicles, cellphones, kitchen utensils, medicines and bidi. However, he proposed more tax on cigarettes.
Meanwhile, Muhith also announced that tax on cellphone handsets would be reduced to 12 percent from the proposed 25 percent in the budget. He also proposed waiver of five percent regulatory duty on mobile sets.
Value Added Tax (VAT) on herbal and unani medicines and manpower recruitment agencies would also be withdrawn, theminister said.
In case of individual category taxpayers, the amount of tax rebate has been increased to Tk 10 lakh from the proposedTk 5lakh.
To encourage people to use computers more, investment for purchasing a laptop under Tk 1 lakh and a desktop computer under Tk 50,000 would be tax-free. In the import of computer and its accessories, the duty and advance income tax has been completely withdrawn.
For cars with engines between l.OOOccand 1500cc,45 percent supplementary duty was proposed but now it has been brought down to 30 percent.
The proposal to increase duty on transports, including motorcycles, used by the masses has been withdrawn.
Hybrid vehicles up to 2,000cc would remain duty free but those above 2,000cc would have to pay tax. Earlier, all hybrid vehicles were proposed to be duty free.
Duty on the import of powdered milk and solar panels has been withdrawn.
A 12-23 percent tax hike was proposed on cigarettes and five percent tax has been added on topofit.
The finance minister said bonds for the Padma Bridge and Power generation would be released in the market. Discussions are going on in this regard.
Tk 5,000 crore block allocation has been kept in the budget to face the aftermath of the recession, the finance minister said. A task force will finalise how and in which sector the amount will be spent after the budget is passed.