TIB slams govt over black money amnesty

Transparency International, Bangladesh (TIB) has sharply criticised the government over the amnesty proposed for black money in the budget for fiscal 2019-20.

The anti-graft watchdog termed the proposed "graft friendly" provision "unconstitutional, immoral, and discriminatory" in their post-budget briefing held today.

"Scope of whitening of black money proposed in the national budget is against Article 20 (2) of the Constitution and contradictory to the Prime Minister Sheikh Hasina's zero-tolerance policy against corruption," Iftekhruzzaman, executive Director of TIB, said.

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Black money lives on

Article 20 (2) states that the state shall endeavour to create conditions in which, as a general principle, persons shall not be able to enjoy the unearned income.

The budget proposes that black money holders will not face any question about the sources of their income if they invest in economic zones and high-tech parks by paying a tax of only 10 percent on the amount invested.

Regular taxpayers pay income tax between 10 and 30 percent, depending on the income.

"Keeping scope for legalising illegal money with 10 percent tax will discourage legal earning. This is also discriminatory as the legal earners will need to pay taxes up to 30 percent," Iftekhruzzaman said.