Money Whitening Scope

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The National Board of Revenue has recently declared that taxpayers can ‘whiten’ their money within 31st July,2007 by paying 5% additional tax. This means that taxpayers who had undeclared assets can declare them and no questions would be asked. This facility is available for the last five tax years. Of course, people already under investigation for tax evasion and corruption would not be able to avail the opportunity. The government has recently announced the budget and hopes to collect a large chunk of the money from tax revenue. It is hoped that the new opportunity would encourage the genuine tax payers to clean their money.

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