Despite a strong stance against money laundering and tax evasion, the new budget for the fiscal year 2024-25 reintroduces the opportunity to legalize undeclared money. After a four-year hiatus, this option is back in the proposed budget.
Individuals can legalize their illegal money by paying a 15% tax. Additionally, a general amnesty has been announced for owners of undeclared money. This means that after paying the tax, no government agencies will question them. Previously, in the fiscal year 2020-21, the government allowed the legalization of undeclared money with a 10% tax.
Currently, the highest tax rate for individual taxpayers in the country is 25%, which has been increased to 30% in this budget. Therefore, owners of undeclared money can legalize their money by paying only half of the regular tax rate. According to the existing income tax law, legalizing undeclared money requires paying up to 25% tax, including a 10% penalty.
On Thursday, June 6, Finance Minister Abul Hasan Mahmud Ali presented the largest budget in the country’s history. The proposed budget for the fiscal year 2024-25 amounts to Tk 7,97,000 crore and was presented in the National Parliament.
This is the 53rd budget of independent Bangladesh and the 21st budget under the leadership of Prime Minister Sheikh Hasina.
The previous fiscal year`s (2023-24) budget size was Tk 7,61,000 crore.
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