Govt to take steps to bring back money, assets acquired abroad

The government is going to take measures to bring back money and assets acquired abroad with a view to creating a flow of fresh fund and investment for economic activities.

"I propose to add a new provision in the Income Tax Ordinance, 1984 so that money earned and asset acquired abroad can be mainstreamed into our economy with a view to creating a flow of fresh fund and investment for economic activities," said Finance Minister AHM Mustafa Kamal.

The minister said this while placing the proposed national budget for FY23 at Jatiya Sangsad in the city.
 
In his speech, Kamal said the outbreak of Corona virus and the ongoing unstable condition in certain parts of the world forebode a recession in the global economy. 

"Under the circumstances, we might have to face tough challenges in the coming fiscal year. As such, we have to be more prudent and visionary in adopting and implementing fiscal policy. To keep the economy going, we have to arrange for more revenue for the government expenses on one hand, and also have to make the economic activities in the private sector more vibrant and dynamic on the other," he added. 

The finance minister said, according to the proposed provision, no authority, including the income tax authority, shall raise any question as to the source of any asset located abroad if a taxpayer pays tax on such asset. 

The proposed rate is 15 percent for immovable property not repatriated to Bangladesh, 10 percent for movable property not repatriated to Bangladesh and 7 percent for cash and cash equivalents repatriated to Bangladesh, he added. 

He said this opportunity will be in force for the period starting from the first day of July 2022 and ending on the thirtieth day of June 2023. 

"The proposed provision, when implemented, will increase the flow of foreign currency to our economy, increase income tax revenue, and the taxpayers will also feel relieved by availing this opportunity to declare their assets and money acquired/earned abroad in their respective income tax returns," he added.