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Jun 09
Bangladesh Local, Business & Politics, Business & Politics, Southern Asia
Black money can be white through investment- budget 2012 Bangladesh

Finance Minister AMA Muhith yesterday defended provisions for legalising undisclosed money in the proposed budget saying it would bring investment and prevent cash going out of the country.

Muhith said the amount of undisclosed money in the economy is huge, something between 42 and 82 percent of the country’s gross domestic product.

“We have given scope to bring the undisclosed money to the market because we want the undisclosed money invested in the economy. We want to utilise the money.

“We kept provision for penalty for this scope,” he told reporters at the post-budget press briefing at the Osmani Memorial Auditorium in Dhaka.

“We have not kept the scope for investment as a condition for whitening the undisclosed money. We will include it before the budget gets passed,” said Muhith.

According to the budget proposals for 2012-13, individuals can legalise their undisclosed money with 10 percent fine.

Individuals have to pay regular tax plus the 10 percent fine, said the finance minister, dispelling confusions that one would have to pay only 10 percent fine to legalise money.

Nasiruddin Ahmed, chairman of National Board of Revenue, said in the current fiscal year, the government had given the scope to legalise undisclosed money in the stockmarket. “None has availed the scope so far,” he said. “The scope expires on 15 July this year.”

However, a number of days are left in the outgoing fiscal year and Nasiruddin hoped that people with undisclosed money would come forward and legalise their money.

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