“The Government’s proposal to encourage people to invest and to disclose their undisclosed assets and income while requiring them to pay a 1% of value as tax is a good thing on the surface. At a glance, however, it is a good thing to give people the opportunity to disclose their hidden assets into the system. This can be an opportunity for one to launder black money. So, in a way this will be neutralising the illegality and legitimising black money some people may have in a more legal manner,” Dr. Senarath stated. “They’re basically asking those who are having black money to use this chance for them to put their money to the market and it will not be investigated.

Source: The Nation July 18, 2021 06:11 UTC