Jatiyo Party lawmaker speaks against black money whitening provision, independent MP wants tax on it lowered

Three members of parliament have expressed conflicting views on the opportunity to legalise black money with a 15% tax in the proposed budget for the upcoming fiscal year 2024-25.

In the general discussion on the proposed budget in the National Parliament on Sunday (23 June), Jatiyo Party MP Masud Uddin Chowdhury of Feni-3 railed against the government for allowing the provision to whiten black money, saying it would discourage the honest persons and taxpayers.

"Fifteen% tax is being imposed to whiten black money. It discourages honest tax payers and encourages black money holders who do not pay tax. Is this reasonable?" he said.

The Jatiya Party MP said there are two types of black money. "One is more black and the other is slightly less black, which is legitimately earned but not taxed — such as the income of doctors, lawyers who can be given the opportunity to legitimise by paying tax," he added.

"But the money which is illegally earned cannot be given the opportunity to legitimise in any way. In this case, fines and investment conditions should be imposed," he further said.

On the other hand, Kishorganj-2 independent MP Sohrab Uddin claimed that no one will whiten black money by paying 15% tax. For this, he demanded the opportunity to legalise undisclosed income by paying 5% tax.

"Previously, an opportunity was given to show undisclosed income by paying 10% tax. But no one took the opportunity. No one will show undisclosed income by paying 15% tax. If it is made 5% people will show their huge undisclosed incomes," he said.

Participating in the discussion, independent lawmaker Abdul Kader Azad of Faridpur-3 said, "The real tax payers are paying up to 30% tax so why the black money owners have to pay only 15% tax to make their money legal."

AL implemented over 87% of its budgets: Lawmakers

Treasury bench lawmakers today said BNP had implemented 70% of its budgets while the ruling Awami League implemented over 87% during their fifteen-year tenure.

During the budget discussion, the lawmakers said BNP had implemented only 70% of its budgets while the ruling Awami League has implemented over 87% of its budgets during their last fifteen years tenure.

Finance Minister Abul Hassan Mahmood Ali on June 6 unveiled a Taka 7,97,000 crore national budget for 2024-25 fiscal setting the GDP growth target at 6.8% amid an economic meltdown across the world due to the ongoing Ukraine-Russia war and Hamas-Israel-Palestine conflict.

"After coming to power in 2001, BNP gave Taka 44,854 crore in 2002 and their last budget was Taka 61,000 crore as BNP increased only Taka 4,000 crore every year during their five years tenure", said Whip Saimum Sarwar Kamal of Cox's Bazar-3.

On the other hand, the ruling Awami League started with its budget outlay with Tk4,00,266 crore, it was Tk4,64,573crore in FY2018-19, Tk7,61,784crore in FY 2023-24 and Tk7,97,000 crore in FY 2024-25 fiscal as the budget has been increased by Tk70,000 crore yearly in the last five years, said the Whip.

Budget implementation rate during the BNP's five years was only 70% while it was over 87% during the last five years by the ruling Awami League, he told parliament.