Al Amin :
The finance bill of proposed budget for the fiscal year 2022-23, is expected to be passed today (Wednesday) in the Parliament without any major changes.
The budget will be passed the next day.
The government is unlikely to pay heed to the demands, including reduction of sources tax, enhancement of tax-free income limit and cancelling amnesty for launderer to bring back undisclosed money made by the country’s businesses, economists and experts.
Several NBR officials said that the proposed budget may not see any significant change.
The government, however, is likely to incorporate some provisions in the law for amnesty to bring back offshore assets in face of criticism made by the countrymen.
In the proposed budget, the government offered Bangladeshis a scope for legalising their unreported assets outside the country without facing any questions in the next fiscal year.
They will have to pay taxes ranging from only 7-15 per cent in order to avail of this opportunity.
According to the proposed budget, a 15 per cent tax on immovable property not repatriated to Bangladesh, 10 per cent on movable property not repatriated to Bangladesh and 7 per cent on cash and cash equivalents repatriated to the country.
The opportunity will be in force starting from the first day of the new fiscal and will end on 30 June, next year.
In face of criticism, the government is likely to incorporate provisions in the law.
As per the new provision, authority will be able to fine same amount, if anyone has undisclosed assets in abroad and are identified by the authority. In this case, the authority will collect money from the launderer through selling his/her local property by confiscating.
The concern tax officials will be given more power in this case, the NBR officials said.
The economists, however, said it is practically impossible to find out the unreported assets or fine against the person, who has such property abroad.
The planned amendment in the amnesty law is absolutely “Eyewash” to avoid criticism, they said.
Dr Ahsan H Mansur, Executive Director of Policy Research Institute (PRI), told The New Nation, “It is impossible for tax officials to find out the assets in this process practically and the benefits, given by the NBR, will not able to bring back big amount of laundered asset.”
However, the process may success, if any institutional and combined initiative is taken under the Anti-Corruption Commission (ACC), Bangladesh Financial Intelligence Unit (BFIU) and Money Laundering Prevention Act.
