Finance Minister AMA Muhith on Thursday said there will be no provision of whitening black money in the upcoming budget for fiscal 2014-15.
“There’ll be no scope in the next budget to whiten black money,” he told a pre-budget discussion at a city hotel in the morning.
Some Tk 13,808 crore was whitened between fiscal 1971-72 and fiscal 2012-13, with the National Board of Revenue (NBR) receiving taxes of Tk 1,455 crore during the period, which is just around 1 percent of this year’s collection target.
The NBR and the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) jointly organised the 35th Consultative Meeting of NBR.
Referring to income tax limit in the USA, the Finance Minister said a fresh slab on taxable personal income will be fixed to bring more and more people under tax net, and there will be no change in the ceiling over the next 10 years.
Dropping a hint at increasing tax on tobacco products in the next budget, the Finance Minster said tobacco is harmful to public health and there should be more efforts to discourage smoking.
Recalling the contributions of revenue to the country’s gross national income (GNI), Muhith said the contribution of revenue to the GNI has increased by 3 percent in the last five years.
About the import of reconditioned and brand new cars, he said he has sent 18 notes to the NBR in this regard. “I hope, the NBR will consider the notes,” he said adding that the government will continue support the local entrepreneurs to protect their business.
State Minister for Finance and Planning MA Mannan, NBR chairman Golam Hossain and FBCCI president Kazi Akram Uddin Ahmad, among others, spoke at the meeting.
Source: UNB Connect