Scope means injustice to regular taxpayers
The money-whitening provision would mean injustice to the regular taxpayers and leave them in an uneven contest with the black money owners, said speakers at a discussion yesterday.
Participating in BBC Bangladesh Sanglap, they also observed that the size of the proposed budget is not that big compared to that of the previous one, but its implementation is surely a cause for concern.
MM Akash, a professor of economics at Dhaka University, said the opportunity to legalise the undisclosed money would encourage corruption.
“The budget does not clarify if the money earned through illegal means will be treated as undisclosed money,” he added.
Ameer Khasru Mahmud Chowdhury, BNP leader and former commerce minister, said allowing someone to invest by paying 10 percent tax amounts to giving him the upper hand over those who would invest after paying 25 percent tax.
The Anti-Corruption Commission should be closed for the next three years since it would have nothing to do against the corrupt individuals as long as the money-whitening provision is in force, he added.
Dr Mashiur Rahman, prime minister's economic affairs adviser, however, said the chance to whiten undisclosed money would attract more investment and help generate employment.
The provision was in place during tenure of BNP-led four-party alliance and the caretaker government as well, he noted.
Centre for Policy Dialogue's economist Fahmida Khatun said the regular taxpayers would lose out on their investments due to money-whitening.
Akash said the size of the proposed budget is not a problem more serious than its implementation. “I'd say only 80 percent of the Annual Development Programme could be implemented.”
Mashiur Rahman said the government has drawn up the budget in light of its election pledges, and everyone should assist and press the administration to execute the financial plan properly.
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