TIB bemoans black money whitening offer in proposed budget
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard
THURSDAY, MAY 19, 2022
THURSDAY, MAY 19, 2022
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
TIB bemoans black money whitening offer in proposed budget

Budget

TBS Report
12 June, 2020, 08:25 pm
Last modified: 12 June, 2020, 08:28 pm

Related News

  • Tk390cr corruption at three power plants: TIB
  • Construction of ongoing coal, LNG-based power plants must be suspended: TIB 
  • Proposed Data Protection Act will establish bureaucratic control over personal info: TIB
  • Govt urged to overcome shortcomings in Covid management, instead of criticising TIB
  • TIB’s statement on Covid-19 vaccine misleading: Health minister

TIB bemoans black money whitening offer in proposed budget

The organization expresses deep concern over options in proposed budget to legalize untaxed assets and minimal taxation penalty on money laundering

TBS Report
12 June, 2020, 08:25 pm
Last modified: 12 June, 2020, 08:28 pm
TIB bemoans black money whitening offer in proposed budget

The Transparency International Bangladesh (TIB) Friday expressed deep concern over the scopes in the proposed budget to get undisclosed income legalised by paying certain amounts of tax.   

In a press release, TIB said, "In the name of employment generation, boosting investment, revenue and retrieving the economic momentum, those scopes legalize black money whitening and money laundering." 

The organization urged the government to cancel the proposed scopes, terming them illicit, discriminatory and anti-constitutional. 

TIB also expressed disappointment saying the proposed budget lacked stringent measures to check health sector corruption and ensure good governance. The national budget for the 2020-21 also does not have enough outlay for health even in this pandemic.     

Finance Minister AHM Mustafa Kamal proposed introduction of an incentive for investment of undisclosed or black money to bank deposits, savings certificates, shares, bonds or any other securities on paying 10 percent taxes.

And for that, no government agency will raise any question in this regard.

Dr Iftekharuzzaman, executive director of the Transparency International Bangladesh (TIB), said this was totally the opposite and contradictory to the zero tolerance to corruption as declared by the prime minister. 

"Such facilities for years neither benefited the economy nor enhanced revenue collection, let alone investment. Instead the government is making its stance questionable pampering such illicit arrangements."    

Referring to the country constitution, TIB also noted such arrangements were also discriminatory against people who earn the fair penny. "It seems the government is giving a licence to corruption and illicit means and is encouraging people for getting involved in it," said Dr Iftekharuzzaman.        

TIB is also critical of the budget proposal to impose a 50 percent tax on the proven amount of money laundering by over and under invoicing.

"Budget formulators did not consider how this will hurt rule of law and government's commitment at international level. No matter how the government defends the moves, these are self-contradictory, discriminatory and anti-constitutional actions," said the TIB executive director 

It can be said the government announced a corruption-friendly budget, he added and hoped that the government would back off from this suicidal position.

Economy

TIB / black money / Budget 2019-20

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Nearly 58% hike in bulk power price on cards
    Nearly 58% hike in bulk power price on cards
  • Illustration: TBS
    Let taka slide
  • Inflation jumps to 6.29% in April
    Inflation jumps to 6.29% in April

MOST VIEWED

  • MCCI for corporate tax reduction in line with neighbouring nations
    MCCI for corporate tax reduction in line with neighbouring nations
  • Pre-budget talks to begin 6 February
    Pre-budget talks to begin 6 February
  • Lower budget deficit mirrors slower public spending
    Lower budget deficit mirrors slower public spending
  • Ministries asked not to seek additional fund in revised budget 
    Ministries asked not to seek additional fund in revised budget 
  • Money whitening scope widened
    Money whitening scope widened
  • File Photo: Mumit M/TBS
    Workers’ protection neglected in budget

Related News

  • Tk390cr corruption at three power plants: TIB
  • Construction of ongoing coal, LNG-based power plants must be suspended: TIB 
  • Proposed Data Protection Act will establish bureaucratic control over personal info: TIB
  • Govt urged to overcome shortcomings in Covid management, instead of criticising TIB
  • TIB’s statement on Covid-19 vaccine misleading: Health minister

Features

‘The geopolitical landscape is undergoing profound change, Dhaka needs to craft proactive strategies’

‘The geopolitical landscape is undergoing profound change, Dhaka needs to craft proactive strategies’

21h | Interviews
Graphics: TBS

Facebook and Bangladeshi politicians: A new tide in mass political communication?

22h | Panorama
Despite Bangladesh having about 24,000 km of waterways, only a few hundred kilometres are covered by commercial launch services. Photo: Saad Abdullah

Utilising waterways: When common home-goers show the way

1d | Panorama
Illustration: TBS

How Putin revived Nato

1d | Panorama

More Videos from TBS

Cannes Film Festival 2022 resumes after 2 years

Cannes Film Festival 2022 resumes after 2 years

10h | Videos
Pension is coming for all

Pension is coming for all

10h | Videos
Bakery business in crisis for increased raw material prices

Bakery business in crisis for increased raw material prices

12h | Videos
Foods that have the most protein

Foods that have the most protein

12h | Videos

Most Read

1
Representative Photo: Pixabay.
Bangladesh

Microplastics found in 5 local sugar brands

2
Mushfiq Mobarak. Photo: Noor-A-Alam
Panorama

Meet the Yale professor who anchors his research in Bangladesh and scales up interventions globally

3
The story of Bangladesh becoming a major bicycle exporter
Industry

The story of Bangladesh becoming a major bicycle exporter

4
How Bangladesh can achieve edible oil self-sufficiency with local alternatives
Bazaar

How Bangladesh can achieve edible oil self-sufficiency with local alternatives

5
Govt tightens belt to relieve reserve
Economy

Govt tightens belt to relieve reserve

6
PK Halder: How a scamster rose from humble beginnings to a Tk11,000cr empire
Crime

PK Halder: How a scamster rose from humble beginnings to a Tk11,000cr empire

The Business Standard
Top
  • Home
  • Entertainment
  • Sports
  • About Us
  • Bangladesh
  • International
  • Privacy Policy
  • Comment Policy
  • Contact Us
  • Economy
  • Sitemap
  • RSS

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net

Copyright © 2022 THE BUSINESS STANDARD All rights reserved. Technical Partner: RSI Lab