Revenue earning from the construction sector increased sharply in the first three months of this fiscal year (FY) as whitening black money was allowed. But earning from a major sector -- power -- decreased due to a fall in power generation. This was found by analysing earning from income tax, value added tax (VAT) and import tax in the first three months of the current FY.
Finance Minister Abul Mal Abdul Muhith yesterday told the Jatiya Sangsad that Taka 108.39 crore were deposited to the national exchequer against whitening 'undisclosed' money to the tune of Taka 787.68 crore during the last fiscal 2008-2009.
Amid widespread criticism, Finance Minister AMA Muhith today told the parliament that the period for whitening black money would be reduced to one year from proposed three years.
Treasury bench members yesterday praised the budget proposed for next fiscal year saying the new fiscal document has created a new vision for further development in the overall national economy. However, most of them opposed the proposal for 10 percent tax for whitening black money and suggested at least 30 per cent tax to legalise the illegally earned money.
FBCCI President Annisul Huq today said he did not support whitening black or sinful money but legalising undisclosed or untaxed money.
The provision for whitening black money in the proposed new budget comes with certain strict conditions this time, but the rate of tax for whitening money still remains unduly favourable for black money owners, compared to regular income tax rates, just like previous similar provisions.
Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) today supported the provision in the proposed budget for fiscal year 2009-10 to allow whitening of black money in exchange for payment of 10 percent tax.
