Niaz Mahmud
A total of Tk 1,386 crore of undisclosed money came into the formal channel in the first eight months of the current fiscal year which helped the economy during the Covid-19 pandemic.
Finance Minister AHM Mustafa Kamal said this while placing the proposed budget of Tk 603,681 crore for 2021-22 fiscal year in parliament on Thursday.
Mustafa said that under the provision of reporting previously undisclosed income in the income tax returns, 9,623 taxpayers so far paid a total income tax of Tk 1,386 crore 10 lakh 2 thousand 795 till February 2021.
“This additional revenue was very helpful for the economy during the Covid-19 pandemic,” he added.
In his budget speech, the finance minister said that under the provision of allowing previously undisclosed income to invest in the capital market with some reasonable conditions like mandatory one year lock-ins, 311 taxpayers had paid income tax of Tk 43.54 crore as of February, 2021.
This additional liquidity has strengthened the market, he said.
In FY 21, the government allowed disclosure of income in cash, debenture, capital market and other securities by paying 10 per cent tax at a flat rate.
