Kamal determined to bring back laundered money

Finance Minister AHM Mustafa Kamal on Wednesday stated explicitly that he is not under any duress in making budgetary provisions to bring the undeclared money of Bangladeshis overseas back into the mainstream of the economy, and that he would carry out his promises.

The Finance Minister said this virtually while replying to a volley of questions after chairing separate meetings on the Cabinet Committee on Economic Affairs (CCEA) and the Cabinet Committee on Government Purchase (CCGP).

The privilege for tax amnesty in such case would remain in force for a year till June 2023, according to the budget proposal for the next fiscal year (FY23).

The proposed budget has given Bangladeshis a scope for legalising their unreported assets outside the country without facing any question in the next fiscal year, subject to paying taxes ranging from only 7 percent to 15 percent.

According to the proposed provision, no authority, including the income tax authority, shall raise any question as to the source of any asset located abroad if a taxpayer pays tax on such asset.