Whitening scope may widen

The government may allow legalising of undisclosed money on investment in productive sectors, a scope that has already been given for the real estate sector in the proposed budget.
This implies the government will not question the source of money invested in productive sectors provided the money holders paid 10 percent tax to avail the opportunity.
Finance Minister AMA Muhith may make an announcement on extending the scope in his concluding budget speech today.
In his earlier budget speech, the finance minister had said the special opportunity was given in the housing sector to boost the industry that had suffered a debacle last year.
According to the new provision, people with undisclosed money can invest in the housing sector by paying taxes between Tk 750 and Tk 7,000 for per square metre of floor space, subject to the location.
If anyone buys more than one flat or a plot of land, he or she has to pay additional taxes.
Meanwhile, the government may reduce the proposed import duty on newsprint.
In the proposed budget for the 2013-14 fiscal year, the government proposed to hike import duty on newsprint from 3 percent to 25 percent.
The import duty on zinc plates, used in printing industry, may remain unchanged at 3 percent.
With this, the total tax incident on the newspaper industry may come down to 31 percent from that of the proposed 61 percent.