TIB hails govt's black money questioning plan
The Transparency International Bangladesh (TIB) yesterday welcomed the finance minister's comments that questions could be asked about the sources of undisclosed money invested in stockmarket.
“The provision to allow whitening of black money is morally unacceptable and discriminatory, ineffective when it comes to revenue collection and above all contradictory to the government's election pledges,” said Iftekharuzzaman, executive director of TIB.
“The scope repeatedly given to black money holders is encouraging them to earn money through illegal means,” a statement of TIB quoted him as saying.
Iftekharuzzaman termed positive the government initiative to introduce provision that can question the sources of undisclosed money invested in the stockmarket, although it is belated.
“Corruption will expand further in a bigger way if we fail to ditch the culture of whitening of black money completely,” he said.
The anti-graft activist suggested the government make realising at least 25-50 percent tax mandatory on the black money investment until the scope is stopped completely.
On Tuesday, Finance Minister AMA Muhith said the government plans to amend laws that give impunity to black money holders from questioning about the sources of their money invested in the stockmarket.
The sources of the undisclosed money invested in the stockmarket and the government treasury bonds at a payment of 10 percent flat tax cannot be questioned, according to a statutory regulatory order issued by the National Board of Revenue.
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