Veteran economist Zahid Hussain has urged the economic adviser to the interim government to revoke the black money whitening provision effective for the current financial year that started 1 July.

The economist made the call on a facebook post on Thursday.

If necessary, the provision can be reinstated for 3-6 months, but applicants, eager to evade taxation, would have to pay maximum 30% income tax and top it up with 5-10% fine to avail the facility.

The reinstated provision would be only for those individuals who are eager to pay the minimum of their legitimate income in income tax by exploiting financial regulation loopholes. Corrupt individuals must not be allowed to avail the facility, Zahid noted.

Furthermore, investment in stock markets, land properties and others would not be considered for allowing money whitening, in the case of reinstating the provision.

The ousted Awami League government allowed black money whitening in the budget for the ongoing fiscal year.

The provision allows individuals to regularise their undisclosed legitimate earning by paying maximum 15% income tax, whenas others have to be pay maximum 25% income tax.

Furthermore, the same individuals can also whiten their undisclosed money by paying relevant taxes against the purchase of plots and apartments.