Speakers discuss tax ceiling, ‘black money whitening’ at pre-budget roundtable
Dhaka, May 20 (UNB) - Former caretaker government adviser Dr. Mirza Azizul Islam on Thursday said that the provision for whitening black money should not continue in the upcoming budget as it has proved to be ineffective in the current fiscal.
“It is giving a wrong signal as well as being an unethical thing. It is also discriminatory against the normal tax payers,” he said while addressing the roundtable on ‘Budget Proposal: 2010’ organized by the Daily Bhorer Kagoj at the National Press Club.
Chaired by Bhorer Kagoj editor Shyamol Datta, parliamentary standing committee chairman on Finance Ministry AHM Mustafa Kamal addressed the roundtable as chief guest while TIB trustee board chairman M Hafizuddin Khan addressed as special guest.
Tax lawyer M Jahangir Alam Chowdhury made the keynote presentation while DSE president Shakil Rizvi, former Secretary MA Mubin, Amader Shomoy editor Naimul Islam Khan , among others, addressed the occasion.
On the demand for increasing the individual income tax ceiling, Mirza Azizul said that there is no necessity to increase the current income tax ceiling of Tk 1,65,000 adding that if it does prove necessary, “It could be extended to Tk 1,75,000,”
He underscored the need for strengthening the initiatives for simplifying the submission of income tax returns.
Speaking on the occasion as chief guest, the parliamentary standing committee chairman on Finance Ministry AHM Mustafa Kamal said that all capable persons would be brought under the tax net.
He said although it is unethical, the government kept the provision for whitening black money in the current fiscal considering that most of the businessmen went into hiding during the rule of the caretaker government after 1/11.
“The opportunity was given so that the businessmen could return back and then invest, create employment and thus keep active the country’s economy,” he added.
He said that statements of the permanent and movable assets of those people who are capable to pay tax will be sought.
“If excess assets are found, law to confiscate those assets in favour of the state will be enacted and the process is going on,” he added.
Mustafa Kamal, who is popularly known as Lotus Kamal, blamed the think tanks of the society for the present mismatch in the country’s economy.
“The intellectual people are a danger for the country. They earlier said that the country is floating on gas, but where is the gas now? In some factories, it has become hard to achieve 50 percent of their production capacity due to gas crisis,” he added.
Emphasizing the need for containing inflation through the next budget, Lotus Kamal said that the budget for the next fiscal will be made from a win-win situation which will reflect desires of all.
TIB trustee board chairman Hafizuddin Khan alleged that the physical progress of the government development projects are not evaluated adding, “The development projects are increased every year, but later those are reduced,”
Raising questions on the government’s capacity to control revenue expenditure, the former caretaker government adviser said that there is a frequent misuse of revenue expenditure.
Hafizuddin Khan also emphasized holding more consultation meetings before finalizing the budget.
Expressing a different opinion on increasing the income tax ceiling, former secretary MA Mubin said that the individual income tax ceiling should be reduced from the present Tk 1,65,000 to allow more people under the tax net.
Amader Shomoy editor Naimul Islam Khan demanded that the tax submission process should be simplified so that even a rickshaw puller can pay Tk 2 as tax every day.
Referring that Nobel Laureate Dr. Muhammad Yunus made tax free the amount of prizes that he got abroad after appealing, he said, “It’s not correct as paying tax is not a bad thing. Why he should be given such facility?”
Former NBR member Ali Ahmed said that three classes -- tax payers, tax officials and tax lawyers -- can bring a positive change in the tax system if they unite.
DSE president Shakil Rizvi demanded that the income tax ceiling for individual tax payers should be increased to Tk 3,00,000 from the current Tk 1,65,000, and sought increased rate of rebates on investment.
Earlier, in his keynote presentation, income tax lawyer M Jahangir Alam Chowdhury proposed to ensure providing receipt on submission of returns, increasing the individual tax ceiling to Tk 3,00,000 from Tk 1,65,000, increasing the rate of tax rebates on investment, imposing conditions on universal self assessment system, recognizing the honest tax payers and giving them priorities, and reducing misuse of public fund.
“It is giving a wrong signal as well as being an unethical thing. It is also discriminatory against the normal tax payers,” he said while addressing the roundtable on ‘Budget Proposal: 2010’ organized by the Daily Bhorer Kagoj at the National Press Club.
Chaired by Bhorer Kagoj editor Shyamol Datta, parliamentary standing committee chairman on Finance Ministry AHM Mustafa Kamal addressed the roundtable as chief guest while TIB trustee board chairman M Hafizuddin Khan addressed as special guest.
Tax lawyer M Jahangir Alam Chowdhury made the keynote presentation while DSE president Shakil Rizvi, former Secretary MA Mubin, Amader Shomoy editor Naimul Islam Khan , among others, addressed the occasion.
On the demand for increasing the individual income tax ceiling, Mirza Azizul said that there is no necessity to increase the current income tax ceiling of Tk 1,65,000 adding that if it does prove necessary, “It could be extended to Tk 1,75,000,”
He underscored the need for strengthening the initiatives for simplifying the submission of income tax returns.
Speaking on the occasion as chief guest, the parliamentary standing committee chairman on Finance Ministry AHM Mustafa Kamal said that all capable persons would be brought under the tax net.
He said although it is unethical, the government kept the provision for whitening black money in the current fiscal considering that most of the businessmen went into hiding during the rule of the caretaker government after 1/11.
“The opportunity was given so that the businessmen could return back and then invest, create employment and thus keep active the country’s economy,” he added.
He said that statements of the permanent and movable assets of those people who are capable to pay tax will be sought.
“If excess assets are found, law to confiscate those assets in favour of the state will be enacted and the process is going on,” he added.
Mustafa Kamal, who is popularly known as Lotus Kamal, blamed the think tanks of the society for the present mismatch in the country’s economy.
“The intellectual people are a danger for the country. They earlier said that the country is floating on gas, but where is the gas now? In some factories, it has become hard to achieve 50 percent of their production capacity due to gas crisis,” he added.
Emphasizing the need for containing inflation through the next budget, Lotus Kamal said that the budget for the next fiscal will be made from a win-win situation which will reflect desires of all.
TIB trustee board chairman Hafizuddin Khan alleged that the physical progress of the government development projects are not evaluated adding, “The development projects are increased every year, but later those are reduced,”
Raising questions on the government’s capacity to control revenue expenditure, the former caretaker government adviser said that there is a frequent misuse of revenue expenditure.
Hafizuddin Khan also emphasized holding more consultation meetings before finalizing the budget.
Expressing a different opinion on increasing the income tax ceiling, former secretary MA Mubin said that the individual income tax ceiling should be reduced from the present Tk 1,65,000 to allow more people under the tax net.
Amader Shomoy editor Naimul Islam Khan demanded that the tax submission process should be simplified so that even a rickshaw puller can pay Tk 2 as tax every day.
Referring that Nobel Laureate Dr. Muhammad Yunus made tax free the amount of prizes that he got abroad after appealing, he said, “It’s not correct as paying tax is not a bad thing. Why he should be given such facility?”
Former NBR member Ali Ahmed said that three classes -- tax payers, tax officials and tax lawyers -- can bring a positive change in the tax system if they unite.
DSE president Shakil Rizvi demanded that the income tax ceiling for individual tax payers should be increased to Tk 3,00,000 from the current Tk 1,65,000, and sought increased rate of rebates on investment.
Earlier, in his keynote presentation, income tax lawyer M Jahangir Alam Chowdhury proposed to ensure providing receipt on submission of returns, increasing the individual tax ceiling to Tk 3,00,000 from Tk 1,65,000, increasing the rate of tax rebates on investment, imposing conditions on universal self assessment system, recognizing the honest tax payers and giving them priorities, and reducing misuse of public fund.
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