The national anti-graft body recommends allowing unaccounted- for money to be invested in flats or lands under a legal measure 'once for all'.
In giving such a view the Anti-Corruption Commission (ACC) noted that granting legal cover to such undisclosed income-better known as 'black money'-breeds corruption.
Official sources said with the ACC acquiescence in hand the government authorities are likely to incorporate into the budget documentation for fiscal year (FY) 2017-18 the provision of what commonly passes for 'whitening black money' through payment of penal tax.
"The issue would be placed for consideration of the policymaking body in the next budget and next course of action would be set as per instructions of the authority," says a note of the revenue board.
The tax authority recently made this opinion following the recommendation from the anti-graft body for creating such legal window for a last one time allowing the mainstreaming of the money not disclosed in government revenue registers.
Earlier, the Internal Resources Division (IRD) under the Ministry of Finance had sought the opinion of income tax, customs and VAT wings of the National Board of Revenue (NBR) on a seven-point proposal of the ACC.
The move came as per instructions of the cabinet division that has sought proposals from different ministries and departments relevant to the issue.
Earlier in a meeting, the ACC had made five recommendations for bridging gap between the actual prices of land and flat and the government-fixed prices across the country.
The ACC proposed forming a committee comprising district administration, RAJUK, national housing authority, public works, registration department, the special branch of police and the National Security Intelligence (NSI).
The committee has to submit a report on market price after assessment of actual prices of land and flat of an area. As per the report, the lowest recommended price of land can be set for the area as actual land price.
In case of a larger Mouja, land can be divided into different clusters on the basis of its usage and location to determine its actual prices. For land price outside Dhaka, the ACC proposed reconstitution of previous market price-fixation committees headed by deputy commissioners (DC).
Apart from relying on the land-deed price, the new committee will also scrutinise land-price policies and laws of neighbouring countries and non-agricultural Khas-land management policy to collect actual information about land price.
Talking to the FE, ACC chairman Iqbal Mahmood said the ACC wants to bring a consistency between actual price of land and land-registration price to check generation of unearned money.
In a government meeting, the ACC has given a manifest resolution to recast the land prices in district and local levels, he said.
"Purchase of land and flat is one of major sources of unearned money. It should be checked," he added.
Under the existing Income Tax Ordinance 1984, there is a provision for investing undisclosed money in land and flat through payment of a higher amount of tax. Taxmen will not ask any question on source of the money invested in the land and flat. However, the invested money should be earned from legal sources.
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