Black money whitening got little response in FY 22: NBR data

The number of black money holders paying taxes under an amnesty decreased by80.83 per cent to 2300 in the FY2021-22 down from12000 in the previous fiscal year, according to latest NBR data available on Monday, reports UNB.

In the last financial year, there was an opportunity to whiten all kinds of black money by combining the stock market, land-flat purchases, and the money kept in the bank.

But at the end of the year, it was found that despite the opportunity, only 2,300 taxpayers came forward.

The poor response is attributed to higher tax rates imposed last year. In the FY21, the tax rate was only 10 per cent compared to 25 per cent in the FY 22.

Besides 5 per cent penalty on that tax had to be paid to whiten black money. As a result, the total tax rate stood at 26.25 per cent.

A top official of the National Board of Revenue (NBR) said that the response was low due to this.

Dr Iftekharuzzaman, executive director of Transparency International Bangladesh (TIB), told UNB that giving such an opportunity is unethical, discriminatory and against the constitution.

It proved that little was gained from such opportunities given at the expense of morality, he said.

Such opportunities provide protection only to the corrupt and encourage corruption, said the TIB chief.