Impose penalty on black money whitening: FBCCI
Azad seeks Muhith’s initiative to avert confrontational politics
Dhaka, May 17 (UNB) – President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) AK Azad on Thursday sought a provision for imposing penalty with regular tax rate on whitening undisclosed income.
He also said the businesses do not favour the government decision allowing the investors to invest black money in stocks by paying tax at 10 percent.
“We’re urging the government to withdraw the proposal because it’ll surely discourage honest taxpayers and hurt them… it won’t be a good example for future either,” the apex trade body president told at a pre-budget discussion at Sonargaon Hotel in the capital.
He said those who have undisclosed money can be brought under income tax net through imposing proper penalty.
On Tuesday, Finance Minister AMA Muhith at a function said investment of black money in the stockmarket would continue through the next fiscal year. Currently, investors are allowed to park black money in stocks by paying tax at 10 percent.
The FBCCI and the National Board of Revenue (NBR) jointly arranged the function titled ‘The 33rd Consultative Meeting of National Board of Revenue’ with AK Azad in the chair. Private television channel NTV broadcast the event live.
The Finance Minister attended the function as the chief guest while NBR chairman Dr Nasiruddin Ahmed, FBCCI first vice president M Jashim Uddin, vice president Mostafa Azad Chowdhury Babu and leaders of different chambers and associations took part in the discussion.
Azad also urged the Finance Minister to take initiatives and sit with Prime Minister Sheikh Hasina to find out a way to resolve the ongoing conflicting political situation in the country.
“You’re a senior minister of the government…I think the second man…I request you to take steps to find out a solution,” he said.
Azad reiterated that confrontational political programmmes hit the economy hard.
The FBCCI president alleged that some ‘top dogs’ shattered the country’s capital market and sought a legal provision in the next budget to bring the money back into the market what they had taken out as hefty profit. “They had showed ‘inflated balance sheets…they had showed losing units as profitable ones…the then Tk 300 share is now Tk 50.”
Azad also sought permission for investing abroad and urged the Finance Minister to give specific directives for that.
“No Bangladeshi investor is now allowed to invest abroad…but there’s ample scope to invest in many countries, including neighboring Myanmar. We want an announcement in the next budget in this regard.”
Former FBCCI president Akram Hossain, BGMEA president M Shafiul Islam Mohiuddin, DCCI president Asif Ibrahim, actor Elias Kanchan, Standard Bank chairman Kazi Akramuddin Ahmed, BARVIDA president Abdul Mannan Chowdhury and leaders of different district chambers, among others, spoke on the occasion.
He also said the businesses do not favour the government decision allowing the investors to invest black money in stocks by paying tax at 10 percent.
“We’re urging the government to withdraw the proposal because it’ll surely discourage honest taxpayers and hurt them… it won’t be a good example for future either,” the apex trade body president told at a pre-budget discussion at Sonargaon Hotel in the capital.
He said those who have undisclosed money can be brought under income tax net through imposing proper penalty.
On Tuesday, Finance Minister AMA Muhith at a function said investment of black money in the stockmarket would continue through the next fiscal year. Currently, investors are allowed to park black money in stocks by paying tax at 10 percent.
The FBCCI and the National Board of Revenue (NBR) jointly arranged the function titled ‘The 33rd Consultative Meeting of National Board of Revenue’ with AK Azad in the chair. Private television channel NTV broadcast the event live.
The Finance Minister attended the function as the chief guest while NBR chairman Dr Nasiruddin Ahmed, FBCCI first vice president M Jashim Uddin, vice president Mostafa Azad Chowdhury Babu and leaders of different chambers and associations took part in the discussion.
Azad also urged the Finance Minister to take initiatives and sit with Prime Minister Sheikh Hasina to find out a way to resolve the ongoing conflicting political situation in the country.
“You’re a senior minister of the government…I think the second man…I request you to take steps to find out a solution,” he said.
Azad reiterated that confrontational political programmmes hit the economy hard.
The FBCCI president alleged that some ‘top dogs’ shattered the country’s capital market and sought a legal provision in the next budget to bring the money back into the market what they had taken out as hefty profit. “They had showed ‘inflated balance sheets…they had showed losing units as profitable ones…the then Tk 300 share is now Tk 50.”
Azad also sought permission for investing abroad and urged the Finance Minister to give specific directives for that.
“No Bangladeshi investor is now allowed to invest abroad…but there’s ample scope to invest in many countries, including neighboring Myanmar. We want an announcement in the next budget in this regard.”
Former FBCCI president Akram Hossain, BGMEA president M Shafiul Islam Mohiuddin, DCCI president Asif Ibrahim, actor Elias Kanchan, Standard Bank chairman Kazi Akramuddin Ahmed, BARVIDA president Abdul Mannan Chowdhury and leaders of different district chambers, among others, spoke on the occasion.
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