Finance Minister AMA Muhith has clarified that black money can be whitened by investing in any sector including capital market, real estate by paying a 10 percent fine.
He made remarks amid confusion over the new budget proposal on the provision to legalise untaxed money at a press briefing on Friday at the capital’s Osmani Memorial Auditorium.
On Thursday in Parliament, during his budget proposal for the 2013-14 fiscal, he said, “Considering the difficult period experienced last year we have allowed ‘special facilities’ for investing in plots or flats.”
The Finance Bill says that such undisclosed income can be invested by paying extra 10 percent tax together with applicable tax rates.
The law also says the source of the money will not need to be declared in this case. This facility came into life through the amendment to the Section 19 (E) of the Income Tax Ordinance.
This special facility, it turns out, would be payment of taxes at stipulated rates for “construction or purchase” of residential building or apartment, Muhith said and people would also be allowed to legalise untaxed money through land purchases.
Source: Bd news24