It's a matter of compromise
Finance Minister AMA Muhith said the government's plan to extend the scope for whitening black money to the housing sector was “a matter of compromise.”
Muhith told this to reporters from his office at the secretariat on Tuesday when asked about the government's plan of earning more revenue in the next fiscal year by imposing fines on the black money invested in the housing sector.
“People can now legalise their undisclosed money by investing in the stock market with an additional payment of 10 percent tax, by paying the existing tax and a 10 percent fine in general,” he said.
Muhith also said the rule stipulates that black money can be whitened any time with a fine.
He admitted that he compromised in preparing the budget for the upcoming fiscal year and said, “Politics is the art of compromise. We do it all the time. The government is faced with various political pressures during the formulation of the budget. This is the negative side of the whole affair.”
He however said he would not have made the compromise three decades ago.
Muhith was referring to his time as the finance minister during the regime of HM Ershad.
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