Staff Reporter :
The proposed budget for the upcoming fiscal year did not offer incentives for poor and middle-income group of people rather offered amnesty for money launderers as there are no political representatives to speak for them.
“There is no budgetary measure to protect the limited disposable income of the middle-class which is being depleted due to high food inflation,” said Debapriya Bhattacharya, distinguished fellow of the Centre for Policy Dialogue.
“Prices of selected products are likely to increase due to tax imposition that would adversely be effected the middle-class consumers,” he said while delivering a presentation on the “National Budget 2022-23: What is there for the left behind people?” organised by the Citizen’s Platform for SDGs, Bangladesh, at Brac Centre Inn in Dhaka on Sunday.
He said the budget identifies the middle-class as the major tax evaders and there was no mention of tax evasion by the upper class.
“The budget did not provide anything to the poor and middle class, rather benefitted money launderers and disappointed honest taxpayers,” he said.
“The scope for money launderers to get back their money is an immoral, politically reckless, and economically inappropriate decision,” the eminent economist said.
“In the budget analysis, it seems that the middle class is now politically unrepresentative, socially is unguarded and a target of neglect. On the contrary, they have been accused of tax evasion,” he added.
“The finance minister has reduced the corporate tax rate but has kept the tax-free income limit at Tk 3 lakh without giving benefits to the middle class, although it should be Tk 5 lakh. These aspects of the budget are proving that this budget is benefiting a class,” Dr Debapriya said.
He suggested that to bring economic stability, it is important to see if it is necessary to seek foreign aid from the International Monetary Fund (IMF) without making a mistake like Sri Lanka.
