Offering the option to whiten so-called “black money”, however, did not succeed, except during the 2007-08 stint of the military-controlled caretaker government. Most of this “black money”, Tk 90 billion, was legalised during the 2007-08 caretaker government. The “black money” is smuggled out through under- or over-invoicing and many other means. Defending the “black money” option, he said Bangladesh needed to generate more revenue to finance bigger public spending to stimulate demand in the economy amid the coronavirus crisis. Like Mansur, former NBR chairman Abdul Mazid also thinks the “black money” option betrays a disparity between honest taxpayers and dishonest earners.

Source: bd News24 June 14, 2020 15:00 UTC