Govt move to legalize black money unconstitutional: TIB

Bangla Tribune Desk
Published : 23:34, Jun 14, 2019 | Updated : 23:36, Jun 14, 2019

TIB Executive Director Dr Iftekharuzzaman addresses a press briefing in Dhaka on Sunday; March 10, 2019 CourtesyTransparency International Bangladesh (TIB) said the proposed budgetary provision to legalize black money as unconstitutional, discriminatory and an example of corruption-friendly by policy.
It also labelled the proposal contrary to the prime minister's zero-tolerance policy against corruption.
The anti-graft watchdog made the criticism in a press statement on Friday, a day after the government proposed a Tk 5.23 trillion national budget FY2019-20, the highest ever in the country.
The provision will allow investment in economic zones (EZs) and high-tech parks, with no question on the sources of the funds as long as the investors pay a 10% tax on the investment.
Talking to media, TIB Executive Director Dr Iftekharuzzaman said: "The successive governments offered legal provisions to whitening black money circumventing constitutionality."
The government’s move will discourage those from making an honest living since the latter will have to count up to a hefty 30% tax receipt on their income-- something so discriminatory, he added.
Fearing that the budgetary provision will further widen and deepen graft in the country, TIB urged the government to understand the far-reaching consequence of the bill.
Citing that this time around, black money will be allowed to be legalized by purchasing land, alongside apartments, Iftekharuzzaman said through the budget proposal, the government gave a ‘five-year license’ to indulge in the graft.
TIB expressed its grave concern about the lack of any effective way out for addressing the ailing banking sector, in the proposed budget.