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Bank & Finance - June 30, 2021

Black money can be invested in stock market flats new industry

Zahirul Islam: The Parliament yesterday passed the Finance Bill allowing untaxed money to be invested in the stock market, flats or apartments, and new industrial undertakings.
The decision comes as manufacturing industry investment has nearly come to a halt in the Covid-19 outbreak.
The government will allow the investment of black money in new industrial undertakings with a 10% tax on the money invested. Investments in the stock market and flats will be taxed 10-25%, with a 5% penalty on the tax payable.
The money will have to be invested and paid over the Automated Challan System (ACS).
Earlier on Thursday, the National Board of Revenue (NBR) had requested an amendment to the finance bill placed in Parliament on 3 June.
The NBR proposed revising the budget bill with a legal indemnification provision prohibiting relevant government agencies from inquiring about the source of tainted funds.
Starting fiscal year 2019-20, the government has allowed investing black money in high-tech parks and industrial zones, taxed only 10%.

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