Tk12cr tax from whitening black money in Jul-Nov

The National Board of Revenue realised Tk 12 crore in tax from 150 individuals in the past five months as they legalised their undisclosed assets, including cash.

According to the provisional data of the NBR, an undisclosed wealth of about Tk 112 crore was legalised between July and November under a special scheme offered in the national budget for the current fiscal year 2021-2022.

The NBR got Tk 12 crore in taxes in this period of the previous financial year from the same process.

In the same period of the previous fiscal year, Tk 550 crore was legalised.

Of the total value of the legalised assets, Tk 90 crore was legalised in the forms of untaxed cash, bank deposits, savings certificates and other financial instruments by the undisclosed or untaxed money holders, the provisional data showed.

The rest of the undisclosed money was legalised in the real estate sector and investment in the stock market during the period, the data said.

The government in the budget for the ongoing financial year offered the scope for legalising untaxed money by paying tax at a 10 per cent rate on the total amount.