Ahead of the budget session for the fiscal year 2021-22, scheduled to begin on June 2, Finance Minister AHM Mustafa Kamal after a meeting of the cabinet committee on Wednesday told the media that the scope for whitening black money will continue in the next budget. He is expected to present a Tk. 6.0 trillion national budget in Parliament on June 3.
The finance minister during his last budget speech had mentioned that this black money whitening opportunity was only for fiscal 21. But this time, he said, ‘As long as there is undisclosed income, there will be this opportunity.’
Every year, people from economists to professionals speak out against whitening black money. But when the budget is passed, it is seen that the provision of legalising black money remains in force. In the pre-budget talks with the finance minister this year, business leaders have strongly argued against this opportunity. It gives special benefits to those who do not disclose the real account of their assets and evade income tax. On the other hand, the citizens who comply with the laws and pay taxes properly are treated unfairly.
According to the income tax law of Bangladesh, at the higher ceiling up to 25 per cent of the income has to be paid as tax. But those who evaded taxes will be able to whiten black money regardless of the ceiling with a 10 per cent tax.
In his last budget speech, the finance minister had said that whatever the other laws say, the authorities from government agencies cannot question if undisclosed land, buildings, flats and apartments and cash, bank deposits, savings certificates, shares and bonds are declared at 10 per cent tax. Does the finance minister want to indicate that the undisclosed money will nourish the national economy? But the duty of the government should be to encourage honest taxpayers.
In the first six months of the current fiscal, according to the NBR, Tk 102.20 billions of undisclosed income has been legalised by 7,445 taxpayers with a tax of about Tk 9.5 billion, as against Tk 180 billion legalised with tax at different times after independence till 2017.
No matter how promising these figures are for the finance minister, we are against all options of earning illegally and do not support the scope of legalising money earned illegally. Our support is for those who are lawful and demand punishment for the rogues.
