Govt scraps black money whitening facility

The National Board of Revenue (NBR) scrapped the black money whitening facility by paying 15 per cent tax on Monday, following instructions from the advisory council of the interim government.

Income tax member of the NBR, Alamgir Hossain, said that the gazette for withdrawing the facility was finalised and the Statutory Regulatory Order (SRO) was issued in this regard on Monday.

The facility was offered in the Finance Act-2024 to allow undisclosed money holders to declare their assets, cash, debentures, securities, bank deposits, etc., without facing any questions from government agencies.

In a press statement, the NBR mentioned that regular taxpayers have to pay tax at rates of up to 25 per cent, and in some cases a maximum of 35 per cent with wealth surcharge, while black money holders only paid 15 per cent, creating discrimination and inequality in the tax system.

[email protected]