As the Government’s special tax amnesty on undisclosed income has faced much opposition, including allegations that the measure would throw the door wide open to large scale money laundering, Central Bank Governor Ajith Nivard Cabraal says that there has been a misconception regarding what undisclosed funds really mean. “Undisclosed money does not mean that it is illegal. Accordingly, the Governor noted that through this tax amnesty, the Government has given such persons the opportunity to “come clean”. “By paying a tax of one percent, people with undisclosed money can come clean and bring those funds into the formal economy,” Cabraal explained. He also noted that money laundering laws will not be compromised due to the new tax amnesty law.

Source: The Nation September 18, 2021 06:00 UTC