Thursday, November 21, 2024

Experts against undisclosed money legalising option

Tax-paying people dislike the idea of amnesty to undisclosed money holders, but a whisper has got a momentum over it as the new budget is set to be unveiled in the first week of June with the government planning to continue with the undisclosed money legalising option.
There are requests from the business community to allow undisclosed money in the mainstream economy to utilise it and the government is also reportedly putting in its efforts in that direction to bring the huge undisclosed money into the mainstream economy ahead of the general election.
Economists as well as the Transparency International Bangladesh oppose the provision of legalising undisclosed money as they think it ‘unethical and did not bring any significant benefit to the mainstream economy.’
‘If the government allows undisclosed money in the next budget again it’ll be frustrating. It’s just showing the thumb to the constitution,’ TIB executive director Iftekharuzzaman told the news agency on Friday.
He cited four reasons for opposing the provision of legalising undisclosed money. ‘Firstly, it’s constitutionally illegal and secondly, it’s ethically unacceptable.’
Iftekharuzzaman said such provision was just like rewarding the illegal earners instead of punishing them and discouraging those who are earning legally and paying taxes honestly.
And finally, he said, such provision did not bring any significant benefit for the economy. ‘There’s no example that it helped the economy.’
The TIB chief also said the present government had an election pledge to fight graft and the government had broken the commitment to people in the last four years by allowing legalising the undisclosed money.
‘The government will have to be accountable to people at the end (for breaking their commitment),’ he added.
If it happens, it will go against the government’s anti-graft stance and commitment to establish good governance, he said.
Bangladesh Institute of Development Studies director general Mustafa K Mujeri also opposed the provision of legalising undisclosed money and laid emphasis on expanding the tax net gradually.
‘The provision of legalising undisclosed money is devoid of morality. It’s in no way supportable from the ethical point of view,’ he told the news agency.
Responding to a question, Mujeri said he did not think that the economy got benefited with such an opportunity.
On expanding the tax base, he said still a huge number of people remained out of the tax net. ‘The revenue collection won’t increase if these people can’t be brought under the tax net.’
The economist suggested bringing the people, now out of tax net, under tax net through imposing ‘token money’. ‘They you can gradually impose tax. We need to take time-bound programme.’
Economist and chairman of Unnayan Onneshan Rashed Al Mahmud Titumir also opposes the provision of legalising undisclosed money and said the government needed to concentrate on structural reforms to expand the tax net to increase revenue collection for meeting the revenue shortfall.
Many people are still out of the tax net and there should be steps to bring them under the tax net which will help boost revenue collection, he said.
The economist also laid emphasis on issues of tax evasion and tax avoidance so that people cannot practice these, depriving the government of getting taxes.
A retired NBR official preferring not to be named said the government was desperate to raise revenue income on one hand and it is institutionalising the tax-dodging scope on the other.
Amid an immense pressure by a section of businesspeople, the government had given the opportunity to legalise undisclosed money in the previous years in the capital market in the name of stimulus packages.
Finance minister AMA Muhith said the existing provision for legalising undisclosed money with fine was internationally acclaimed as undisclosed money also existed in the US economy. ‘It’s very difficult to remove undisclosed money from the country.’
Quoting some studies and surveys, he said the existence of undisclosed money in Bangladesh represented 40 to 80 per cent of economy although nobody knew what the fact was.
Mentioning that a big amount of undisclosed money is engaged in the real estate sector, he said the government was trying to bring this money into the mainstream economy. ‘I wouldn’t be able to see in my life there’s no undisclosed money in the country.’

-With New Age input

Related News

Banglalink teams up with Vivo to provide special data deals for youth

Business Desk : dhakamirror.com Banglalink, the country’s innovative digital operator, has partnered with vivo to launch a data offer specifically designed for tech-savvy youth. This collaboration aims to provide more convenient access to various digital services and exclusive content. Aligned with the ‘Youth’s Choice Smartphone’ proposition, Banglalink is offering 18GB of free data with the ... Read more

Emirates adjudged Best Airline in the World at the ULTRAs 2024 Awards

Business Desk : dhakamirror.com Emirates has once again been honored with the title of ‘Best Airline in the World’ at the esteemed ULTRAs 2024 Awards. Recognized by thousands of travelers worldwide, the airline stood out for its outstanding products, innovative services, and exceptional value-for-money experiences. Thierry Aucoc, Emirates Senior Vice President Commercial Operations in Europe ... Read more

Remittance rises in Oct, SOBs log larger share

Business Desk : dhakamirror.com Remittance inflow to Bangladesh increased by more than 21 per cent in October compared with that in the same month in the past year, as expatriates favoured official channels, mainly state-owned banks, following a significant political shift in the country on August 5. Bangladesh Bank data showed that remittance inflows reached ... Read more

Oppo celebrates tenth anniversary in Bangladesh with O Fans festival

Business Desk : dhakamirror.com Emphasising celebration and appreciation, OPPO, a leading global technology brand, is excited to announce its SUPER OFFER as part of the ‘O Fans Festival’ to celebrate its 10th anniversary in Bangladesh. The festival theme, “SUPER OFFER,” highlights unforgettable experiences for its dedicated fans through exclusive prizes and substantial super discounts on ... Read more

Bangladesh Travel and Tourism Council launched

Business Desk : dhakamirror.com A new think tank, Bangladesh Travel and Tourism Council (BTTC), has started its journey in a bid to create a network of professionals and businesses to foster collaboration and knowledge exchange in the local travel, tourism and hospitality sector. The council held its first meeting at a hotel in the capital ... Read more

Ethiopian airlines set to touch Dhaka’s runway

Business Desk : dhakamirror.com Ethiopian Airlines, the largest airline in Africa and part of the Star Alliance, will begin operations in Bangladesh next Sunday with its first flight on the new Addis Ababa-Dhaka route. The airline will provide five direct flights each week, giving Bangladeshi travelers access to over 155 global destinations, including major cities ... Read more

Unilever’s 15th edition of BizMaestros launches Nov 3

Business Desk : dhakamirror.com The 15th edition of BizMaestros-UFLP, the flagship business competition of Unilever Bangladesh, embodying the “Thrill of Real Business”, is all set to begin on November 3. As a leading player in the FMCG sector, Unilever Bangladesh has been at the forefront of skill development initiatives for over six decades, establishing BizMaestros ... Read more

Banglalink introduces affordable 4G Phone in partnership with Symphony

Business Desk : dhakamirror.com Banglalink and Symphony have joined forces to launch the “My First 4G Phone” campaign to make 4G technology more accessible and affordable. Through this campaign, they seek to bridge the digital divide by offering high-quality 4G phones at an unbeatable price, empowering more people to benefit from fast, reliable internet connectivity.The ... Read more

Bashundhara Toiletries introduces “Alora 2in1” Hair & Body Wash: first ever in Bangladesh

Business Desk : dhakamirror.com Bashundhara Toiletries announced the launch of “Alora 2-in-1” Hair and Body Wash, an innovative product designed to simplify your daily care routine. As Bangladesh’s first 2-in-1 solution for both hair and skin, Alora offers a unique blend of premium ingredients that cleanse, nourish, and revitalize. “Alora 2-in-1” is formulated with two ... Read more

350cc Royal Enfield set for Bangladesh launch on October 21

Business Desk : dhakamirror.com Ifad Motors, the manufacturer and sole distributor of Royal Enfield motorcycles in Bangladesh, is gearing up to launch the iconic motorcycle brand in the country on Monday (21 October). Four models will be introduced: Bullet, Meteor, Hunter, and Classic and the bikers will have 12 different colour options at competitive prices ... Read more

Luxury car sales slow to a near-stop

Market players blame economic and political uncertainty Jagaran Chakma Sales of luxury sedans and sport utility vehicles (SUVs) have been almost nil since July this year as customers have reined in spending amid the ongoing economic downturn and sudden political changeover in Bangladesh. According to various market insiders, sales have fallen by about 95 percent ... Read more

realme 12: The Speed Dominator launched

Business Desk : dhakamirror.com realme has unveiled its latest handset, the realme 12, in Bangladesh featuring SUPERVOOC charging, fluid performance and photographic prowess. This new device sets unprecedented standards with the ‘Born for Speed’ philosophy in the mid-range segment, reads a press release. At the core of the realme 12 is the Qualcomm Snapdragon chipset, ... Read more

TECNO mobile Bangladesh wins best retailer award 2024

Business Desk : dhakamirror.com TECNO Mobile Bangladesh has been awarded the title of the best retailer of mobile handsets at the prestigious Bangladesh retail congress . This honour is a testament to our unwavering focus on enhancing consumer satisfaction and convenience. We believe that our consumers are at the heart of our success and are ... Read more

Mastercard hold technology conference 2024

Business Desk : dhakamirror.com Mastercard recently organised the “Mastercard Tech Conference Q4, 2024” at a city hotel in Dhaka, Bangladesh, with participants from various banks and financial institutions. Zakia Sultana and Sohail Alim, Directors at Mastercard, Bangladesh, inaugurated the session. Munish Jairath, Director of Technology Account Management, Vageesh Raghavendra, Manager of Technology Account Management, and ... Read more

Stellar performers in Bangladesh travel, tourism and hospitality are honoured

Business Desk : dhakamirror.com The recognition programme, first of its kind in the country, was organised by the travel and tourism publication the Bangladesh Monitor. The programme is supported by Prime Bank PLC, a private-sector financial institution whose commitment to the industry’s growth is unwavering. Online travel agency BuyTickets, travel technology provider Sabre, and tea ... Read more

Businesses urge steps on law and order

Business Desk : dhakamirror.com Business leaders on Saturday sought better business climate in the country and said that issues like law and order situation, rising interest rates and other macroeconomic challenges must be addressed as these factors have impacted the economy negatively. Speaking at a seminar titled ‘Current state of the economy and outlook of ... Read more

Walton launches solar hybrid IPS

Business Desk : dhakamirror.com Walton Digi-Tech Industries Limited, a sister concern of Walton Group, recently launched solar hybrid Instant Power Supply (IPS) units, which are environment friendly, renewable and affordable as well. The price caps of these IPS units start from a minimum of Tk 79,500 and maximum Tk 465,000, depending on the inverter and ... Read more

Walton to attend in Canton Fair for the fourth time

Business Desk : dhakamirror.com Global electronics brand Walton is set to attend the ‘China Import and Export Fair’, widely known as the Canton Fair, for the fourth time. This prestigious event, recognized as one of the largest trade shows in the world, will see Walton showcase its latest AI-powered electronics and electrical products. The 136th ... Read more

First drone manufacturing factory to be set up in country

Business Desk : dhakamirror.com Bangladeshi company Sky Bees Limited is set to invest US$ 45.95 million to establish an Unmanned Aerial Vehicle (UAV, commonly known as drone) manufacturing industry in the BEPZA Economic Zone (BEPZA EZ). This will be the first factory to manufacture drones in the zones under BEPZA, creating employment opportunities for 55 ... Read more

OPPO A3 now available in Bangladesh

Business Desk : dhakamirror.com In a world where smartphones face constant challenges, OPPO is setting a new benchmark for durability with the launch of the OPPO A3 Series in Bangladesh. Designed as the ultimate durability champion, the OPPO A3 showcases OPPO’s commitment to enduring the rigours of daily life. Built with a robust structure to ... Read more