The Bangladesh Economic Association (BEA) recommended the government form an independent commission and empower it to investigate corruption, money laundering activities and black money.

Alongside carrying out investigations, the commission will also conduct research and publish its findings in print and electronic media every three months.

The BEA made the recommendations while placing an alternative budget proposal at its own office yesterday.

The BEA proposed an alternative budget of Tk 11.95 lakh crore for the upcoming fiscal year 2024-25, down from its alternative proposal of Tk 20.94 lakh crore for the current fiscal year.

The government's budget for the upcoming fiscal year is likely to be around Tk 8 lakh crore.

Md Aynul Islam, general secretary of the BEA, placed the alternative budget proposal.

"We don't need foreign debt to implement the budget. Our stance is to become free from foreign debt," he said, proposing to increase the coverage of direct taxes compared to indirect taxes.

Islam also proposed to adopt a flexible political and judicial institutional system, improve the democratic environment, adopt a zero-tolerance stance in the case of corruption, and hold corrupt individuals accountable.

In the alternative budget, the revenue receipt is estimated at Tk 1,024,767 crore.

He said their proposed alternative structure would increase taxes on the wealthy, including by introducing new taxes, and expenditure would be geared toward reducing social disparity, he said.

"Our proposal will lead to a qualitative transformation in the expenditure allocation structure of the budget," Islam said. "Development budget in total allocation and proportional allocation will be much higher than operating budget, which is the opposite now."

Despite the estimated Tk 1,192,815 crore that has been laundered in Bangladesh in the last 50 years, the BEA has recommended the recovery of Tk 5,000 crore.

The BEA also estimated that black money amounting to around Tk 13,253,500 crore has been accumulated during last 50 years in Bangladesh.

Qazi Kholiquzzaman Ahmad, president of the BEA, said the turbulent global economy, hesitancy in decision-making, and not making the right decisions at the right time meant that little progress had been made in resolving the ongoing economic challenges.

He also alleged that vested quarters often reduce the effectiveness of the government steps for their own interest, thereby disrupting the functioning of institutions.

Abul Barakat, a former president of the BEA, said it was not an easy task to recover black money, but that it is not as hard as people think in some cases.

According to him, political will is the main factor necessary for recovering black money.

He added that a law exists to recover black money but it is not being applied.