Dhaka, June 3 -- Black money, or undisclosed income, can still be invested in the real estate sector, but the tax penalty for doing so has been increased severalfold in the budget for the upcoming fiscal year.

Currently, untaxed money can be legalised by paying Tk 6,000 per square metre for a building or apartment of over 200 square metre plinth area located in Gulshan Model Town, Banani, Baridhara, Motijheel Commercial Area, and Dilkusha Commercial Area in Dhaka.

But, in the coming fiscal year, the amount will be raised to Tk 2,000 per square foot for buildings and flats - meaning the amount will go up to Tk 21,530 per square metre - a 258.83 percent increase.

In case of buildings constructed up to 200 square metre plinth area, a tax ...