Around 3,220 individuals have taken the advantage of the black money whitening opportunity by investing their undisclosed money in the real estate sector by paying 10 per cent tax in the current fiscal so far.

Black money has been a major problem of all spheres of the economy. It has active operations in the areas of real estate, gold, jewelry and precious metals, money markets, government transactions and non profitable organisations. Black farmers have been frustrated by the delays and say they are angry that banks are demanding additional money, slowing down the debt relief process. Biden’s Agenda › Politics Updates.

Some 3,358 individuals of different professions have whitened around Tk 35 billion so far. Of them, 3220 people have invested black money in land or apartment purchase, allowing the government to earn Tk 3.81 billion in revenue. The remaining 138 people invested in stock markets by paying Tk 188.4 million in taxes, according to information received by National Board of Revenue (NBR).

The real black money Print edition: May 26, 2017 T+ T- THERE are many misconceptions about how flows of black money are generated. One prominent misconception is the apparent belief among.
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Though the NBR yet to disclose the amount of money whitened so far by paying 10 per cent tax, it assumed that the volume may not be below Tk 35 billion as the government earned Tk 4.1 billion in taxes from whitening of undisclosed money.

Usually, black money refers to the money that is legal income in Bangladesh but has not been shown in income tax returns.

But replying a quarry, Finance Minister AHM Mustafa Kamal said no matter whatever in the laws of Bangladesh, if someone disclosed black money with paying 10 per cent tax, no one will question him or her about the source of that income. As a result, it is not certain whether this money is legal or illegal income, whose source is not legal. Only legitimate undisclosed income has the opportunity to be whitening, but in reality, a lot of illegal money becoming legal through this process, economists said.

According to a survey of the Ministry of Finance (MoF) in 2011, some 62.75 per cent of GDP is black money. According to a World Bank survey, the amount of black money in Bangladesh from 1990 to 2000 was 35.6 per cent or 7 per cent GDP in 1971.

“The privilege will set a bad example in institutionalising corruption instead of removing it from society,” Dr AB Mirza Azizul Islam, an adviser to a caretaker government, said, adding, 'Honest taxpayers will be discouraged and corrupt persons will be encouraged by this move.'

'While the provision to legalise black money is already much criticised, loosening the grip further is a sign of the government's leniency towards corruption,' he added.

It will negatively impact the national economy too, he noted, pointing to no notable yield being there from such facilities in the past.

Centre for Policy Dialogue (CPD) senior economist Khandaker Golam Moazzem said the honest taxpayers are discouraged in this system because of black money, there is a flat rate of 10 per cent tax while the honest taxpayers are paying up to 35 per cent tax.

'The economy needs to have a system to identify who actually owns black money,' he said. “If that is possible, the source of black money will be stopped,” he added.

Earlier, the government has widened the scope for whitening of black money in almost all sectors from stocks, real estate to bank deposits in the proposed budget for the fiscal year 2020-2021.

Untaxed money holders will not face any question about the sources of their income while whitening their undisclosed money, paying a flat 10 per cent tax to invest in the capital market, deposit into banks, and invest in savings certificates, bonds or any other securities.

Undisclosed house property can also be legalised by paying a certain amount based on the size and location of the property.

This provision is effective for one year starting from July 1, 2020.

According to the new budget proposals, individual taxpayers will be able to make any disclosure of undisclosed cash, bank deposits, savings certificates, shares, bonds or any other securities between July 1, 2020, and June 30, 2021, through paying taxes at a rate of 10 per cent on the value of the declaration. Any individual can invest money in the capital market in the same period and show it in his or her tax returns on paying tax at a rate of 10 per cent on the value of the investment subject to satisfying certain conditions, including a lock-in period of three years.

Any individual also can disclose any type of undisclosed house property including land, building, flat and apartment in the new fiscal year by paying tax at a particular rate per square meter of the asset.

The finance minister said this move will increase the flow of money into the mainstream economy, generate employment and enhance the collection of tax revenue.

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The gaps in wealth and income between white and black Americans are stark – and haven’t narrowed significantly in 50 years. There are even big gaps among black and white business owners.

According to data from the Federal Reserve Board’s Survey of Consumer Finances (SCF), white Americans’ median incomes were 70% higher than black Americans’ in 2010. Overall net worth was 7.9 times larger for white Americans.

The Streets Real Money

Credit Suisse and Brandeis University’s Institute on Assets and Social Policy took a closer look at that dataset to figure out whether there were similar disparities to be found among the wealthiest households. The short answer is yes.

Among the richest 5% – according to Census data – black Americans have earned roughly 60% what white Americans earned over the last thirty years:

Here’s another way of looking at it. If you’re white and have a net worth of about $356,000, that’s good enough to put you in the 72^nd percentile of white families. If you’re black, it’s good enough to catapult you into the 95^th percentile.

Gold Is Real Money

(The researchers decided to focus on the 95^th percentile, rather than the 99^th, because the 99^th percentile in the SCF data was only 12 black families – not a large enough sample size to support significant conclusions.)

The researchers then took a closer look at how the top 5% of black households allocate their wealth, and compared it with the wealth strategies of comparatively wealthy white households. (So, not the top 5% of whites – but the whites with about the same amount of money as the top 5% of blacks – in other words, about $356k.)

Before diving into those differences, it’s worth pointing out that there are a lot of similarities between these two groups – relative to the general black and white populations, both are more likely to be older, college educated, married, and either retired or running their own business. The biggest single category of wealth for both groups is their retirement accounts. And among the top 5% of black households and comparatively wealthy white households, both groups have a median income of about $100,000 per year.

But there are some notable differences in how each group approaches their money. Here are a few:

The wealthiest 5% of black Americans are slightly less likely to hold financial assets (stocks, bonds, and so on) in their asset mix. Of the financial assets they do invest in, wealthy blacks are more likely than wealthy whites to invest in safer assets, preferring CDs, savings bonds, and life insurance to higher risk (and higher reward) assets.
Wealthy black Americans have more money in real estate holdings than equally wealthy white Americans. The former hold 41% of their non-financial assets in (non-primary residence) real estate, while the figure for the latter is just about 22%. Adding in primary residences brings those numbers to 57% and 34%, respectively. Even after the housing bust, real estate is considered a lower-risk investment.
Wealthy black Americans are less likely to hold equity in business assets. Looking at this group’s non-financial assets, 9% are equity in business assets. That fig

Is Black Money Real Money