Taxpayers in Bangladesh, including companies and firms, can now legalize their undeclared wealth by paying a 15% tax on immovable properties without facing any questions about the sources of their income.
The new provision, applicable for the fiscal year 2024-25, allows individuals and entities to declare previously undisclosed assets without scrutiny. Specifically, no authority can raise any questions if a taxpayer pays a 15% tax on cash, bank deposits, financial securities, or other forms of wealth.
To whiten their wealth, taxpayers must also pay the specific tax on properties such as land, buildings, flats, or commercial spaces.
Finance Minister Abul Hassan Mahmood Ali stated that the introduction of a data verification system has created legal complication regarding the disclosure of undisclosed income and assets of various companies.
He noted that "unavoidable circumstances," including taxpayer ignorance in filing returns, may lead to "errors" in asset disclosure.