FBCCI against amnesty for bringing back laundered money

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has voiced its concerns over the budget proposal offering money launderers an opportunity to legalise unreported offshore assets without facing any questions from authorities

The introduction of this facility will encourage people to launder money abroad, said FBCCI President Md Jashim Uddin while addressing a press briefing on the proposed budget for the FY2022-23 in Dhaka on Saturday.

He said, "Inside the country, one has to pay taxes at rates ranging from 22-27%. Whereas, money laundered abroad will be brought back home at a tax rate of 7%. 

"Honest businesspersons will get demotivated by this move." 

"Despite a reduction in corporate taxes, traders will not be able to take advantage of this opportunity without the withdrawal of advance income tax (AIT) and advance tax," the FBCCI president added. 

Leaders of different business organisations were also present at the press conference.

Finance Minister AHM Mustafa Kamal proposed the much talked about amnesty while placing the budget for FY2022-23 before the parliament on Thursday.