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Taka-whitening device in place

Undisclosed money holders can get away with 1 Opc fine plus regular tax

Rejaul Karim Byron
In the penultimate year of its tenure, the government has allowed moneywhitening scope in all sectors.
Anyone seeking to whiten undisclosed
money can do so by paying a 10 percent fine in addition to the applicable tax, according to the budget proposal. This is applicable for any person or company from any sector.
At present, black money holders legalise their money by paying 10 percent flat tax without any penalty.
The finance minister in his budget speech did not say anything about the new proposal, butan article (19E) has been incorporated in the Money Bill, 2012 to this end.
The existing law provides that a tax dodger will pay, in addition to his applicable tax, 10 percent fine on the tax amount for each year he has evaded taxes. But in the proposed arrangement, the tax dodger will pay 10 percent fine just for one year, in addition to the regular tax amount, said an official of the National Board of Revenue.
The nine new banks approved recently will require about Tk 3,600 crore in capital and they have to collect it from taxable income, the official added.
Many initiators of those
banks are unable to supply the capital from their disclosed money, and they can take the benefit of the money-whitening scope, the official said, requesting anonymity.
However, one can take the advantage only by voluntarily disclosing one's wealth along with its source. One will not get this scope after being served with notice over tax evasion or facing cases in this connection.
In any case, civil society members do not support the money-whitening scope.
“I think giving scope to whiten money is unconstitutional and against the electoral pledges of the government," said Iftekharuzzaman, executive director of Transparency International Bangladesh.
The government has been giving such scope every year and through this
corrupt earning is bein[ rewarded.
"Those who genuinely want to pay taxes are beinf discouraged, which is morally unacceptable," he tok The Daily Star.
Time and again, the government has provided thi: opportunity under pressure from powerful groups, he said, adding that it wouk promote corruption.
Although successive governments have beer giving this opportunity almost every year since 1975, only Tk 12,996 crore has been whitened and Tl 1,368 crore has been collected in taxes since then NBR records show.
The current governmen has also been giving thi: scope since taking office ir 2009. In the fiscal year 2009 10, it allowed investment o undisclosed money in fou: sectors, where 1,923 people legalised Tk923 crore.