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comprising houses, land, buildings or flats, stayed unchanged from fiscal 2020-21. That tax depends on the location of the property.

This fiscal year, the government has withdrawn the tax amnesty to black money at home, instead taking aim at wealth stashed abroad.

Cash squirrelled away in foreign shores can be repatriated through the banking channel by paying a 7 percent tax remains.

If a Bangladeshi resident has assets abroad and has not disclosed them in the returns, the deputy commissioner of taxes can slap a penalty equivalent to the fair value of the asset.

“The Deputy Commissioner of Taxes shall have the authority to recover the penalty under this section by confiscating or selling any asset held by or on behalf of the assessee,” says the amended Finance Bill 2022. If the assessee is suspected of hiding the assets abroad in the returns, the deputy commissioner of taxes will have the authority to open an investigation.