The government’s “no black money” pledge is facing an early reality check from a sneaky new draft Finance Bill provision that allows hidden property funds to be declared—no questions asked about where the cash came from.
The government’s “no black money” pledge is facing an early reality check from a sneaky new draft Finance Bill provision that allows hidden property funds to be declared—no questions asked about where the cash came from.
This proposed provision, ahead of Thursday’s budget presentation, comes as the government publicly commits itself to a zero-tolerance policy against corruption.
Despite the Chief Whip Nurul Islam’s promise that the new budget would not let people “whiten” black money, the draft bill does exactly that, letting property buyers and sellers come clean on hidden deals and get total immunity from legal scrutiny.
This applies whenever a property’s real price tag tops the amount on the official deed. Under this mechanism, both buyers and sellers can confess the hidden cash; for instance, if a property is registered at Tk50 lakh but actually changed hands for Tk3 crore, either side can simply declare the gap, pay the tax, and move on.
The proposal’s key weight lies in its legal protection – absolute immunity. Once the hidden cash is declared and taxed, the draft Bill states that “no question shall be raised or proceedings initiated” regarding where the money came from. Even worse, this isn’t just a pardon for past dodgy deals, the same free pass will apply to future property transactions too
National Board of Revenue (NBR) officials argue the measure tackles a long-standing distortion in Bangladesh’s property market, where real estate is routinely registered well below the actual money exchanged.
By bringing these under-the-table deals into the light, officials insist the goal is simply to boost tax compliance and widen the tax net. But tax specialists aren’t buying the “revenue compliance” spin, warning that blocking questions into the source of hidden wealth effectively creates a back-door amnesty for dirty money.
The biggest red flag, however, is a gaping legal loophole. While the Finance Bill stops tax authorities from asking questions, it fails to clarify if this shield also blocks agencies investigating corruption, money laundering, and financial crimes.
TIMES could not independently determine the true scope of this protection before publication, but this ambiguity may ultimately prove far more significant than the provision itself.
