Bangladesh News

The government in the next fiscal year’s budget is likely to give again the opportunity to legalise undisclosed money.

“I am opposed to the idea of giving such opportunities. But when such a demand was made, I did not say no to it,” Finance Minister AMA Muhith told reporters after meeting representatives of Dhaka Chamber of Commerce and Industry (DCCI) in his office yesterday.

He said some pay tax and some take the opportunity of legalising undisclosed money without paying tax; it is not ethical. However, many are making proposals for the scope to legalise undisclosed money. This is why the issue can be considered in the next budget, he said.

DCCI President Jafar Osman said, “We do not want this money to be used for buying houses and cars. The scope to legalise the money should be given in such a way that it is used in generating employment.”

Even though past governments were opposed to legalising undisclosed money, they gave the opportunity anyway. The last caretaker government in its two budgets also gave the scope to legalise undisclosed money.

However, the previous governments said they were not giving the opportunity to legalise black money, rather to disclose undisclosed money.

NBR sources said it was not possible in the past to check every case of undisclosed-money disclosure whether people were actually legalising undisclosed money or black money.

After the independence of Bangladesh, almost all the governments gave people this opportunity. While giving the scope to legalise undisclosed money, the finance ministers of the past had always said that such an opportunity would never be given again. But it was given over and over again.

Former finance minister M Saifur Rahman of the four-party alliance government, a week before presenting a budget in parliament, had said the opportunity to legalise undisclosed money would not be included in the budget. However, the opportunity was given in that budget too.