Amnesty for money launderers cannot be supported: IBFB

Voicing against the budget proposal offering money launderers an opportunity to legalise undisclosed offshore assets, the International Business Forum of Bangladesh (IBFB) said the amnesty for money launderers cannot be supported.

IBFB president Humayun Rashid made the remarks at a press conference titled “Observations of IBFB on National Budget 2022-23” at Dhaka Reporters Unity in the city on Monday.

“If there is a legality of black money whitening through paying 7 per cent tax, why we will pay taxes regularly? The proposed should be withdrawn otherwise honest businesses and regular taxpayers will be discouraged to pay taxes,” he added.

Humayun urged the government to reform the education curriculum to create global need-based skill manpower and employment. However, the budget should be further contemporary, and state details on how to control inflation and the prices of essential and other products.

IBFB Vice President Lutfunnisa Saudia Khan urged the government to withdraw supplementary duty on the import of optical fiber cable. Otherwise, internet prices will further go up in the country.

“The government is going to impose SD on the fiber capable and, 15 per cent value-added tax (VAT) on imported laptops to protect several local companies. But they take the benefit of assembling the products instead of manufacturing them here. Many importers will face problems if the government’s move is implemented. And, internet and computer prices will go up,” she added.

Forman chairman of National Board of Revenue (NBR) Dr Md Abdul Mazid said the revenue target of Tk3,70,000 crore is achievable in FY23 if the government could increase the skills and capacity of NBR and set up its offices at the upazila level.

“The activities of installing Electronic Fiscal Device are to be completed yet to widen the tax net,” he added.

Legal Economist MS Siddiqui said the corporate tax has been reduced by 2.5 percent in the proposed budget but source tax has been increased too. So, an impact may fall on both local and foreign investment whereas AT and AIT can be adjusted.

Agronomist Dr Ali Afzal said there is a flooding of adulterated and formalin foods. The government should ensure safe and organic foods. Otherwise, a talentless national will be formed.