The government appears determined to push through its controversial plan to allow individuals and businesses to “whiten” black money by paying a flat 15% tax, despite widespread criticism from economists, watchdogs, and even its party members.
This move, outlined in the Finance Bill 2024, has drawn condemnation for its perceived lack of ethics and potential to undermine efforts to combat corruption. Critics argue that laundering ill-gotten gains without scrutiny rewards past wrongdoings and discourages honest taxpayers.
Independent lawmaker A.K. Azad highlighted the blatant contradiction between the amnesty and the Awami League’s zero-tolerance stance on corruption. Transparency International Bangladesh echoed this sentiment, warning the scheme could foster an environment conducive to further corruption.
The business community seems divided. While the Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) supports an amnesty for businesses with legal income, it opposes the inclusion of individuals. This suggests a concern for maintaining a fair and transparent business environment. The government, however, remains undeterred. They aim to increase the flow of money into the economy. Still, some experts, like those at the Centre for Policy Dialogue, argue the long-term consequences could outweigh any short-term benefits.
The proposed black money amnesty scheme is a blatant disregard for honest taxpayers and a broken promise in the fight against corruption. We, the citizens of Bangladesh, demand a reversal. This 15% tax loophole for “whitening” black money must be removed from the Finance Bill 2024. Stolen funds cannot be legitimized without proper investigation. The Awami League’s zero-tolerance stance on corruption needs action, not just words. We urge the government to work with anti-corruption watchdogs and economic experts to develop transparent strategies for boosting tax collection and incentivizing legitimate investment. A fair taxation system that rewards those who play by the rules must be established, not those who have amassed wealth through illegal means.