BGMEA backs govt move to bring back laundered money


The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has offered support for the government’s initiative to bring back laundered money through offshore tax amnesty.

The country needs sufficient foreign currency reserves during this crisis, said BGMEA President Faruque Hassan at a press conference in the capital recently.

He said if anyone wants to bring back their laundered money in response to the government move, they will definitely support that.

“What tax rate the government is going to fix for that doesn’t matter,” he added.

Expressing apparel exporters’ support, he said, “We have to accept many things considering the reality.”

In the draft budget for the forthcoming fiscal 2022-23, Finance Minister AHM Mustafa Kamal offered an amnesty for bringing back laundered money.

He proposed a 15% tax on immovable property located abroad, and a 10% tax on the movable property if it is not brought back to the country.