The Financial Express

TIB says opportunity of whitening black money unconstitutional

| Updated: June 15, 2019 10:15:45

TIB says opportunity of whitening black money unconstitutional

Transparency International, Bangladesh (TIB) on Friday said the opportunity of whitening black money in the proposed national budget as unconstitutional, discriminatory and corruption friendly.

In the fiscal year (FY) of 2019-20, black money holders will be able to invest in economic zones and high-tech parks by paying a flat 10 per cent tax in which tax authority will not go for the source of the money, said the anti-corruption watchdog.

TIB also criticised the national budget saying there is nothing specific in the drastic wealth rise and income discrimination in the country.

The black money holders would dominate the given sectors and opportunity of making more money from those sectors in legal ways. This would ultimately expand and deepen corruptions, observed TIB.

TIB also expressed worry as it found no effective efforts to reform the current crisis-ridden banking sector.

Executive Director of the organisation Dr Iftekharuzzaman said in the statement that “Governments time and again allowed black money holders to whiten their money is against good-governance and rightness.”

“Instead of scrapping the opportunity of whitening black money, it widen in the national budget which is the categorical violation of Article 20 (2) of the constitution and zero tolerance stance of the Prime Minister Sheikh Hasina,” he added.

TIB expressed frustration as there is no proposal of allocation for the climate change trust fund, and urged allocation to fight the impact of climate change.  

The opportunity of whitening back money will remain valid until June 30, 2024, according to the proposed budget.

A new provision has been incorporated in the Finance Bill-2019 to this effect.





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