Finance Minister AHM Mustafa Kamal proposed the initiative in his budget speech on Thursday. In the FY 2011-12 budget there had been a similar 10 percent tax scheme for use of ‘black money’ investment in the stock market. The finance minister also proposed the addition of two incentive sections to the Income Tax Ordinance that would allow individuals to ‘whitewash’ undisclosed income and property. The finance minister also proposed a new section to the Income Tax Ordinance to curb money laundering and tax evasion through under-invoicing, over-invoicing and declaration of false investments. “I hope that the proposed provisions will be highly effective in curbing money laundering and tax evasion caused through acts of under-invoicing, over-invoicing, and false declaration of investment.”

Source: bd News24 June 11, 2020 12:33 UTC