Black-money-holders legalised the highest amount of undeclared assets in history in just six months of the current fiscal year as no government agencies now ask questions about the sources of incomes.
A total of Tk 10,220 crore entered the formal economy in the first half of the current fiscal year after many untaxed money-holders whitened their assets through paying taxes, the National Board of Revenue (NBR) said in a press release yesterday.
“This will particularly help attract investment, create jobs and raise tax-to-GDP ratio.”
Some 205 taxpayers invested their undisclosed money in the securities approved by the Bangladesh Securities and Exchange Commission after paying a tax of Tk 22.84 crore combined during the July to December period.
Another 7,445 taxpayers legalised assets by paying a total tax of Tk 939.76 crore.
The previous highest was recorded in the fiscals 2007-08 and 2008-09 when Tk 9,682.99 crore was legalised.
Photo credit: Collected
News source: The Daily Star