Govt scraps black money whitening facility

The National Board of Revenue (NBR) has scrapped the opportunity to whiten black money by paying 15 percent tax.

The NBR on Monday (2 September) issued an SRO in this regard.

The deposed Sheikh Hasina government in the last budget allowed black money to be whitened by buying immovable assets, including land, flats and plots, along with cash by paying 15 percent tax.

The decision to cancel the facility was taken at the Advisory Council of the interim government last week.

In continuation of this, the NBR officially canceled the opportunity to whiten black money.

This opportunity was given by the previous government for one year from July 1 to June 30, 2025. There was an opportunity to whiten the cash earned through bribery and corruption by paying 15 percent tax.

On August 25, Finance and Commerce Adviser Dr Salehuddin Ahmed categorically told that the government would not allow anyone for generating black money anymore.

"Our decision is clear, there will be no scope to generate black money anymore," he said while responding to a question after holding a view exchange meeting with the UN Representatives in Bangladesh held at the Economic Relations Division conference room in in the city.

National Board of Revenue (NBR) Chairman Md Abdur Rahman Khan on August 18 has strongly criticized the practice of whitening black money, calling it an “indecent deed” and “totally unacceptable,” during a view exchange meeting with his fellow colleagues.

Almost all governments allowed legalization of black money in the country, but the response was negligible.

According to NBR sources, so far about Tk 47,000 crore has been legalized so far.

However, there was no scope to whiten black money during the 1991-96 tenure of the BNP government.

Lastly, in the financial year 2022-23, the opportunity to bring back the money smuggled from the country was given, but no one took this opportunity. A year later, another opportunity was given to whiten black money.