Name Gypt

Main Menu

  • Home
  • Non-Aligned Movement
  • Power Bloc
  • United Nations
  • Institutionalisation
  • Financial

Name Gypt

Header Banner

Name Gypt

  • Home
  • Non-Aligned Movement
  • Power Bloc
  • United Nations
  • Institutionalisation
  • Financial
Institutionalisation
Home›Institutionalisation›TIB calls reckless and suicidal money laundering plan

TIB calls reckless and suicidal money laundering plan

By Calvin Teal
May 22, 2021
0
0



Transparency International Bangladesh (TIB) yesterday urged the government not to provide any opportunity to legalize black money in the upcoming budget, calling the facility discriminatory, unconstitutional and conducive to corruption.

The TIB also expressed its surprise and indignation at the statement by the Minister of Finance on the extension of the opportunity given by the government to launder black money for an indefinite period.

“In the long run, the benefits of black money laundering will discourage honest taxpayers and encourage the institutionalization of the culture of default in the tax system,” the anti-corruption body said in a statement.

For all the latest news, follow the Daily Star’s Google News channel.

“This opportunity will create a liberal situation in the country conducive to corruption as there will be no possibility to question the source of income. This will undermine any attempt to establish the rule of law and good governance by weakening the anti-corruption stance. of the government. “

In view of these fears and in accordance with the “zero tolerance policy” against corruption, the TIB urged the government not to provide the black money laundering opportunity in the 2021-2022 budget.

Last week the finance minister said that as long as there is undisclosed money in the economy, there will be an opportunity to launder it.

In such a reality, the plan to maintain black money laundering opportunities indefinitely will highlight the issue of justice and fairness in the tax system, TIB executive director Iftekharuzzaman said in the statement. Press release.

“And that will be seen as a new incentive for the corrupt at the time of Covid-19. Thus, the government is expected to move away from these reckless and suicidal plans.”

If there was an opportunity to legalize black money with just 10 percent tax, why should honest taxpayers pay 25 to 30 percent income tax, he asked.

“Even if the government temporarily derives revenue from such an opportunity, it will gradually encourage a large number of taxpayers to default, which will increase the level of long-term revenue loss and institutionalize a new culture of tax evasion,” said Iftekharuzzaman.

The time has come to end the long-standing unconstitutional practice of providing black money laundering opportunities, the TIB’s executive director said.



Related posts:

  1. T&T Securities Market Stress Test | Local company
  2. Macquarie Asset Management Provides £ 276 Million Funding Solution to Equitix Managed Funds
  3. EdelGive’s GROW philanthropic fund to expand long-term support to 100 local NGOs
  4. The SA team wins the French interuniversity debate tournament
Tagslong term

Categories

  • Financial
  • Institutionalisation
  • Non-Aligned Movement
  • Power Bloc
  • United Nations
  • Privacy Policy
  • Terms and Conditions