The government has again offered the scope for whitening black money through investment in industries to boost private investment.

In his budget speech for fiscal 2019-20, Finance Minister AHM Mustafa Kamal proposed a new provision in the income tax law.

If a taxpayer pays income tax on investment in Economic Zone and High-Tech Parks, the investment will be accepted with no questions asked.

It proposes, no questions will be asked by the income tax department on the source of fund if the taxpayer pays 10 percent income tax on the investment.

The move has been proposed for “driving up more investment and create more employment” in the country, according to the budget speech.

At present, undisclosed income or ‘black money’ could be invested in real estate by paying a certain amount of tax per square metre of the property bought.

Kamal, however, proposes to the cut down the tax rate.

“Taxpayers are not availing this opportunity due to the higher tax rates. I propose to decrease existing tax rates to encourage the taxpayers for voluntary disclosure of purchase or construction of any apartment or flat, and building in their tax returns,” reads his speech.