Govt may offer special scope to legalise black money

The government is likely to allow special provisions to legalise undisclosed money and to recover laundered money in the budget for FY 2024-25. 

According to finance ministry sources, the authority cannot raise any questing regardless of the country's law if the taxpayer pays the proper amount of tax for their land or flat and 15 per cent tax on other properties.  

The source added that in the upcoming budget, there may be provisions in the budget to impose a 15 per cent tax on legalising undisclosed money. 

Experts have voiced discontent over the matter. Former finance secretary and comptroller and auditor general (CAG) Md Muslim Chosdhury told the Samakal that similar provisions were offered in previous budgets, but it did not yield the expected result. On the contrary, measures such as this discourage regular taxpayers. 

Policy Research Institute (PRI) Executive Director Ahsan H Mansur said, "Offering such a chance will not be wise. Regular taxpayers have to pay 25-30 per cent tax. If those who launder money or evade tax only have to pay 15 per cent, then it will be unfair to the regular taxpayers."