Business Report :
Creating scope for “thieves” to legalise black money with a minimum tax on it, as proposed in the FY25, is illogical, Jatiya Party Chairman GM Quader said saturday.
“An ordinary taxpayer is required to pay 30% in taxes, while a person with black money only needs to pay 15% to legalise it. This proposal is absurd and illogical, as it essentially allows thieves to legitimise their stolen money by paying a minimal tax,” the MP made the remarks at the general discussion on the proposed budget for the fiscal year 2024-25 in the parliament.
Quader, also the leader of the opposition in the parliament, “The minimum tax for legalising this black money should be 50-60%.”
He also said black money has been legalised before. However, the new issue about this year’s budget proposal is that no authority will be able to question it.
“Although various newspapers are reporting that only around Tk4,000 crore of black money has been legalised so far after giving this opportunity at different times, this amount is very negligible.
Many fear that black money launderers may fall into trouble if the government changes, he said.
“Moreover, those who will legalise black money will not do it for profit, but for security. So, this year’s opportunity to legalise black money can have a good effect on the economy,” he added.