The Daily Star
Transparency International Bangladesh (TIB) yesterday categorically objected to the finance minister’s suggestion that the option to legalise black money with ease as in the current fiscal year might roll over into fiscal 2021-22.
There was “careful applause” and temporary relief among the honest taxpayers after seeing no announcement on legalising black money in the proposed budget, the TIB said in a press statement.
“But the relief has turned into anxiety within a day following the finance minister’s speech in the post-budget media briefing,” said the local chapter of the global anti-graft watchdog.
The option to legalise untaxed income was always present in some form but in June last year, Kamal had expanded the ambit for it.
At present, black money can be whitened by investing it in any sector and without facing any questions on the source of the funds. This opening is due to close at the end of the current fiscal year on June 30.
“We want to believe that the budget is a financial document of integrated thinking made under the direction of the top level of the government including the finance minister and the ministry,” said Iftekharuzzaman, executive director of TIB.
But the finance minister’s scepticism about one of its budget decisions just a day after it was placed in the parliament is surprising.
Though the minister in his post-budget briefing claimed that the decision has been taken not to continue the opportunity of legalising black money on the basis of justice and fairness, he could not clearly tell under whose pressure or which group’s interest he cannot stand firm on that decision.
TIB hopes that the minister would move away from such a reckless decision and show good sense and would give a strict message to the corrupts by not continuing such corruption-friendly, discriminatory and unconstitutional offer, the statement said.
Iftekharuzzaman went on to criticise Finance Minister AHM Mustafa Kamal’s defence of lack of information for his earlier statement on continued amnesty as long as undeclared wealth exists.
“Such explanation is not expected from a responsible person like the minister.”
From the beginning, there was an attempt to show off record legalisation of more than Tk 14,000 crore in the first ten months of the fiscal for the added leniency to black money holders, Iftekharuzzaman said.
“The fear is that he is now trying to use that shield in favour of the unjust advantage, which cannot be expected. But it is not being considered about how much revenue loss the government has incurred through this.”
The scope to legalising black money without raising any question from any authority is not only questioning the government’s ‘zero-tolerance against corruption’ position but also contributing to creating a corruption-friendly environment, he said.
He also urged the government to nullify the other existing scope of legalising black money under income tax ordinance.