TIB slams amnesty for black money

Transparency International Bangladesh (TIB) yesterday strongly condemned the proposed amnesty for black money in the budget for fiscal 2019-20 and termed it "unconstitutional, immoral and discriminatory".

In a statement, the Berlin-based corruption watchdog said that keeping scope of whitening black money was "corruption-friendly".

Iftekharuzzaman, executive director of TIB, said, "The proposed amnesty for black money in the national budget is against article 20(2) of the constitution and contradictory to Prime Minister Sheikh Hasina's zero-tolerance policy against corruption."

Article 20(2) of the constitution stipulated that the State shall endeavour to create conditions in which, as a general principle, persons shall not be able to enjoy unearned incomes.

The national budget for fiscal 2019-20, placed before the parliament on Thursday, proposed a provision for black money holders. According to the provision, the black money holders would 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 10 percent on the invested amount, till June 2024.

Besides, regular taxpayers will have to pay an income tax between 10 percent and 30 percent depending on their income, according to the proposed national budget.

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

No specific initiative for reformation of the ailing banking sector will take the sector to the verge of destruction, Iftekharuzzaman alerted.