Eminent economist and former advisor to the caretaker government of Bangladesh Dr Wahiduddin Mahmud said 80 per cent of the rich are evading taxes, and a large segment of traders do not pay VAT.
“With such low revenue, even paying the government employees is getting difficult, how would we meet development expenses? Taxation in the upcoming budget will not be fruitful if weakness, inequality, corruption and injustice persist in tax management,” he added.
Dr Wahiduddin made the remarks while addressing a Shadow Parliament debate on “Next Budget Strategy on Economic Security,” organised by the Debate for Democracy in the city’s FDC on Saturday.
Debate for Democracy Chairman Hasan Ahmed Chowdhury Kiran presided over the event.
Dr Wahiduddin pointed out, “Care should be taken that revenue collection is not hampered due to pressure from politicians or influential people. The decision to give expensive cars to DCs and UNOs is a waste of state money.
“Our dependence on debt is increasing alarmingly. The forex reserves are declining steadily, and this could be a cause for serious concern. We used to be far ahead in good governance in the financial sector, but it is amazing how we have gone backwards now.”
He added, “There is no reason to believe that the International Monetary Fund (IMF) knows Bangladesh’s economy inside out. The IMF recommendations should be accepted only after considering the interest of the country and its people.
“Some Bangladeshis are billionaires in different countries across the world, including Dubai and Singapore. It is also not even clear which country they are citizens of now. The Bangladesh Bank is unable to give correct information about how they are moving money.”
Presiding over the event, Debate for Democracy Chairman Hasan Ahmed Chowdhury Kiran said, “The upcoming budget is being announced amid a number of challenges, including inflation, USD shortage, skyrocketing commodity prices, foreign debt pressure, financial sector irregularities, and an increase in project costs.
“The public are suffering due to rising commodity prices. The growing income inequality is creating a silent discontent in the society.”
Debaters from Eden Mohila College defeated Barisal University in the Shadow Parliament on “Increasing revenue for economic protection should be the main strategy in next budget.”
Professor Abu Muhammad Rais, Dr SM Morshed, BIDS Research Fellow Tahreen Tahrima Chowdhury, Professional Accountant Abul Bashir Khan, and Journalist Shah Alam Khan served as judged in the event.
Trophies, crests and certificates were awarded to the winning team at the end of the competition.
