‘Honest taxpayers disappointed’: Momen for removing provision of whitening black money from FY25 budget

Former foreign minister and current MP AK Abdul Momen has called for removing the provision of whitening black money at 15% tax in the proposed national budget for fiscal year 2024-25 (FY25).

“Honest taxpayers are disappointed with the announcement of 15% tax on whitening black money in the proposed budget. I feel that this provision of whitening black money needs to be removed,” he said at a general parliamentary discussion on the proposed national budget today (20 June).

Speaking on the occasion, he also said corruption is the main obstacle for the government in retaining growth.

“The way the prime minister has maintained the pace of development for the last 16 years is a wonder to the world. Currently, the main obstacle to sustaining this growth is corruption. Due to this corruption, the image of the government is being tarnished. Projects are not completed on time due to corruption, which increases costs and adds to the suffering of people,” he said.

He also said a section of the bureaucrats have become corrupt.

“For these few corrupt bureaucrats, the entire bureaucracy is getting a bad reputation. The prime minister has announced a zero-tolerance policy on corruption. Taking appropriate measures in the budget to stop corruption and money laundering abroad will help in gaining public confidence. 

“It is the need of the hour to make [submission of] annual accounts of movable and immovable assets of government employees mandatory. A few corrupt officials are ruining the reputation of the country. Transparency, accountability and strict punishment in these matters will reduce corruption,” he added.

The former foreign minister also said thousands of skilled people are going abroad both legally and illegally as there are not enough employment opportunities in the country. 

“Employment or entrepreneurship creation is usually dependent on the private sector. That is why they should have ample access to bank loans. In this year’s budget, the government is taking a loan of Tk1.37 crore from the banking sector to meet the budget deficit. This means that private investors may be deprived of loans,” said Momen.

In the meantime, he said the situation in the banking sector is in bad condition.

“It would have been possible to bring back the confidence of the public if there was a remedy in the budget. Rather, honest taxpayers are disappointed with the announcement of 15% tax on black money.”