7k people race to invest untaxed money | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Wednesday
July 23, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
WEDNESDAY, JULY 23, 2025
7k people race to invest untaxed money

NBR

Abbas Uddin Noyon
03 January, 2021, 10:15 pm
Last modified: 04 January, 2021, 11:47 am

Related News

  • The Vietnamese economic miracle: What lessons does it offer for others?
  • NBR withdraws advance tax on imports of cotton, man-made fibres
  • 8 more tax, VAT officials suspended over defying transfer orders
  • Bold, urgent reforms can accelerate inclusive growth, create jobs: World Bank
  • Body formed to assess economic losses due to NBR officials' shutdown

7k people race to invest untaxed money

Such investments reached around Tk6,000cr during this period, and the housing sector received the largest amount

Abbas Uddin Noyon
03 January, 2021, 10:15 pm
Last modified: 04 January, 2021, 11:47 am
7k people race to invest untaxed money

During the first six months of the 2020-21 Fiscal Year, 6,937 individual taxpayers invested their undisclosed wealth in various sectors throughout Bangladesh.

Such investments reached around Tk6,000 crore during this period, and the housing sector received the largest amount. As of 30 December, these individuals paid the government Tk880 crore in taxes after filing returns mentioning their investments, NBR sources said.

However, the number of individuals filing their tax returns has dropped in the FY20-21 when compared to FY19-20. Till 30 December, 20.41 lakh individual taxpayers had submitted their returns, a fall from 22 lakh in 2019-20.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

The individuals paid the government around Tk3,000 crore in taxes during the current fiscal year.

Speaking with the media, NBR's Chairman Abu Hena Md Rahmatul Muneem termed as positive the individual taxpayers' move to invest black money inside the country instead of laundering their wealth abroad.

He added that the NBR will not seek information from taxpayers on the source of black money that has been whitened by paying taxes.

Meanwhile, experts pointed out that the amount of undisclosed wealth invested by individuals in various sectors across Bangladesh is only a fraction of the total amount of black money.

They added that only a handful of people belonging to the middle-income group have invested their undisclosed wealth in the capital market and housing sector during the six month period.

Ahsan H Mansur, executive director of the Policy Research Institute of Bangladesh, said, "Though the NBR has received some money in taxes, the amount of investment is not very high compared to the amount of black money.

"A portion of the wealthy people have taken this opportunity, by honest taxpayers will be discouraged."

According to the NBR, 6,749 individuals whitened their untaxed wealth by paying taxes on previously undisclosed cash in possession, funds in banks, and by purchasing flats and plots. The government received TK858 crore in taxes from this sector.

Moreover, 188 individuals have whitened their money by investing Tk225 crore in the capital market, and the government received TK22 crore in taxes from this sector.

The government has given the scope for investing black money in the capital market, savings certificates, bonds or any other securities, and depositing in banks, by paying a flat 10% tax from 1 July last year.

Undisclosed immovable property can also be legalised by paying a certain amount based on the size and location. The government introduced the move in a bid to counteract the economic shock brought on by the Covid-19 pandemic.

This opportunity is available for only one year – from 1 July 2020 to 30 June 2021. It should be noted that a maximum of 25% tax can be imposed on the disclosed income of any individual taxpayers, but it is only 10% on the undisclosed wealth.

Since the independence of Bangladesh, most governments have provided the opportunity to whiten black money, but the initiatives have mostly failed to get any serious attention, as various government agencies could seek information on the source of the undisclosed income.

So, the NBR amended the law in 2020 so that no one could seek information about the source of the black money during or after the whitening process.

The individual taxpayers whitened undisclosed money amounting to Tk450 crore in the Fiscal Year 2015-16, but there is no data after that, said NBR sources.

However, the NBR added that Tk9,682.99 crore was whitened during the caretaker government era, while this amount is Tk13,372 crore during the 44 years between 1972 and 2016.The government also earned revenue amounting to Tk1,454 crore from this process.

There is currently no accurate statistics on the amount of black money in the country. But a finance ministry report in 2010 revealed that the amount would be around 37 percent of Bangladesh's GDP.

Besides, US-based think tank Global Financial Integrity (GFI) revealed that Tk530,000 crore have been laundered from Bangladesh in the ten years between 2005 and 2015. The organisation estimates that more than Tk50,000 crore is being laundered out of Bangladesh every year.

According to a survey conducted by the Bangladesh Economic Association in 2018, undisclosed money amounting to Tk5-7 lakh crore is being circulated in Bangladesh's economy annually.

Economy / Top News

black money / Untaxed money / Economy / NBR / Taxation / Black money investmnet

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Dr CR Abrar. Illustration: TBS
    No intention to resign: Education Adviser CR Abrar in face of students’ demand
  • Volunteers collect and gather parts of the wrecked plane from the Milestone School and College grounds on Tuesday, a day after the devastating aircraft crash. Photo: Mehedi Hasan/TBS
    Milestone jet crash: Health directorate revises down death toll to 29
  • TBS Illustration
    Dhaka proposes third-round tariff talks on Sunday, awaits US response

MOST VIEWED

  • Screengrab/Video collected from Facebook
    CCTV footage shows how Air Force jet nosedived after technical malfunction
  • Photo: Collected
    Bangladeshi man jailed for life in UK for murdering wife in front of their baby
  • Why Bangladesh's capital market is poised for a bull run
    Why Bangladesh's capital market is poised for a bull run
  • ISPR clarifies crashed plane was battle aircraft, not training jet
    ISPR clarifies crashed plane was battle aircraft, not training jet
  • Photo: Syed Zakir Hossain/TBS
    Secretariat protest: 75 injured in police-protester clash over edu adviser's resignation for delaying HSC rescheduling
  • Exim Bank's former chairman Nazrul Islam Majumder being taken to court on 22 July 2025. Photo: Collected
    Will repay all money if granted bail, won’t run away, ex-Exim Bank chair Nazrul tells court

Related News

  • The Vietnamese economic miracle: What lessons does it offer for others?
  • NBR withdraws advance tax on imports of cotton, man-made fibres
  • 8 more tax, VAT officials suspended over defying transfer orders
  • Bold, urgent reforms can accelerate inclusive growth, create jobs: World Bank
  • Body formed to assess economic losses due to NBR officials' shutdown

Features

Photo: Mehedi Hasan/TBS

Aggrieved nation left with questions as citizens rally to help at burn institute

22h | Panorama
Photo: TBS

Mourning turns into outrage as Milestone students seek truth and justice

16h | Panorama
Illustration: TBS

Uttara, Jatrabari, Savar and more: The killing fields that ran red with July martyrs’ blood

1d | Panorama
Despite all the adversities, girls from the hill districts are consistently pushing the boundaries to earn repute and make the nation proud. Photos: TBS

Ghagra: Where dreams rise from dust for Bangladesh women's football

2d | Panorama

More Videos from TBS

Education Ministry dispute leads to delay in postponing exams

Education Ministry dispute leads to delay in postponing exams

31m | TBS Today
Trump announces massive trade deal with Japan

Trump announces massive trade deal with Japan

1h | TBS World
Six unidentified bodies are yet to be identified

Six unidentified bodies are yet to be identified

3h | TBS Today
32 killed in warplane crash in Milestone, live from Burn Institute

32 killed in warplane crash in Milestone, live from Burn Institute

4h | TBS Today
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net