There should be no scope to whiten laundered money

The Covid-19 pandemic and subsequent war have pushed up the commodity prices and shipping costs. The dollar price has also gone . All these issues have added a new dimension to the proposed budget. While formulating the draft budget, the finance minister had to consider the issue of controlling inflation on the one hand, and achieving the desired GDP on the other.

The budget prioritised business research and development, which will help in business diversification. The tax waiver measure for startups is a good initiative as it would attract more entrepreneurs. Apart from that, the initiative to bring all exporters under a uniform tax rate would diversify exports.

A 20-year tax-free timeframe for investing in motorcycle production would attract more investments. However, the authorities should lift the minimum investment ceiling of Tk 1 billion (Tk 100) crore as the figure becomes too big. The 10-year tax waiver for agricultural mechanisation and kitchen appliance production was needed for the sake of the country.

There are lots of unprecedented arrangements in the proposed budget to encourage businesses, industries, and entrepreneurs. So it can be said that a good budget has been placed in a bad time.

The initiative of providing all sorts of assistance to introduce an innovation center at the FBCCI has been a good one. There are explicit announcements regarding tax appeals and alternative dispute resolution. The initiative to halve the value added tax (VAT) on man-made fibre is also good.

People would acquire assets as more as they get concessions. The job of the budget is to ensure proper utilisation of people's resources. This will create employment, which is the most crucial thing for a country like Bangladesh.

Around 2.5 million people require employment in the country every year. Creating employment opportunities and retaining those are one of the main jobs of the government and it was considered in the proposed budget.

We hoped to get a deduction in advance income tax, but it did not happen. It would have been better if the facility was ensured in the budget.

However, we, the regular taxpayers, are abiding by the rules and regulations of the country. This is why we, under no circumstance, could support the arrangements for bringing laundered money home and whitening it. The government may make many decisions from its own angle, but what has the government provided us, who have long been doing business in the country, following rules and regulations, and paying taxes?

Those who took money abroad illegally will be equal to us by paying seven per cent of the laundered amount. It will discourage businessmen like us as we have been paying taxes regularly at a rate of 20 per cent to 30 per cent. But now the laundered money will be legitimate after a payment of only 7 per cent.

Then the government should allow us to invest abroad on a limited scale. We would request the government to curtail taxes and provide the opportunity of doing business abroad. We want to expand our businesses abroad legally. This will increase assets at home and abroad and brighten the image of the country.