The provision for whitening black money by paying 15 percent tax in the proposed national budget for 2024-25 fiscal year will encourage corruption, and it stands against the values of a just society, said speakers at an event today.

They remarks came at a national budget review programme organised by the Economics department of Dhaka University on the premises.

Prof Selim Raihan, executive director of SANEM, criticised the tax disparity between honest earners and black money holders.

"People with legal incomes have to pay 30 percent or more taxes, while those legalising black money will pay 15 percent. This is an injustice to honest taxpayers," he said.

Raihan questioned the realism of the government's target to reduce inflation to 6.5 percent within the next fiscal year, with a GDP growth target of 6.75.

"The exchange rate needs to be stabilised and the government should further undertake major reform initiatives to address problems in the financial sector, including defaulted loans," he added.

Prof Masuda Yasmin, chairman of DU Economics department, expressed her disappointment with the budget, saying it failed to meet expectations amid the current economic crisis.

"The economy needs stability, even if it means slower growth," she said.

Prof Sayema Haque said the government could have reduced the budget deficit further, warning that borrowing from the domestic sector to meet the deficit could lead to increased inflation.

DU Vice Chancellor Dr ASM Maksud Kamal highlighted the growing waste in various sectors due to a lack of skills and the need for special attention to agricultural production in light of climate change.

"There will be a significant risk to food security in future if the agriculture sector isn't given priority in the budget," he said.

Speakers also talked on issues including social security, large-scale investment, industrialisation, and the health system.

They called for increased allocation and incentives in the SME (small and medium-sized enterprises) sector, proper use of budget allocations, and institutional measures against corruption to ensure proper implementation.

Prof Ferdowsi Nahar, Rumana Haque, Saima Haque, and Syed Naimul Wadood also spoke at the event.