Businesses urge NBR to allow black money investments in real estate
The Federation of Bangladesh Chambers of Commerce & Industries, the apex trade body of the country, has proposed that untaxed money investments in the real estate sector should not be questioned under the income tax law.
They suggested that if this facility was given for 5 to 10 years, it could help prevent money laundering from the country and increase revenue.
"Considering the current situation of the country's housing sector, it is necessary to maintain the opportunity to buy flats and turn black money white, without any inquiry about its source, for at least 5-10 years," they made the demand at the 43rd budget consultative meeting with the National Board of Revenue (NBR) on Thursday.
Keep updated, follow The Business Standard's Google news channel
The FBCCI also called on the NBR to reinstate section 19AAAAA, which allows investments of untaxed money without any questions.
They said that many countries permit investments in flats or apartments without raising any questions, and they believe the same should apply in Bangladesh.
The existing facility of whitening black money through real estate investment is due to expire after 30 June.
Considering all this, if the opportunity of investing undisclosed money in real estate is available, the investors will come under the tax network which will increase the government's revenue, the FBCCI added.
The meeting was presided over by NBR Chairman Abu Rahmatul Muneem with Finance Minister AHM Mustafa Kamal in attendance as the chief guest.
