Reconsider Whitening Black Money Provision

former Foreign Minister Dr. AK Abdul Momen

former Foreign Minister Dr. AK Abdul Momen

On Thursday, former Foreign Minister Dr. AK Abdul Momen, also the Member of Parliament for Sylhet-1 constituency, voiced significant concerns regarding Bangladesh's proposed national budget for the upcoming fiscal year. His remarks focused on key economic challenges and policy implications affecting the country.

Taxation Policies and Black Money Whitening

Dr. Momen expressed disappointment over the government's proposal to impose a 15 percent tax for whitening black money. He highlighted that this measure might deter honest taxpayers and suggested reconsidering this provision.

Economic Challenges

a. Rising Commodity Prices and Employment Issues: He pointed out the challenges posed by rising commodity prices and emphasized the need for policies to create more local employment opportunities. Despite official statistics indicating low unemployment rates, he noted a disparity with the high number of job seekers approaching his office.

b. Government Borrowing and Private Sector Impact: Dr. Momen raised concerns about the government's plan to borrow Tk 137,000 crore to cover the budget deficit. He warned that this could reduce the availability of loans for private investors, potentially stifling entrepreneurship and economic growth.

Taxation and Revenue Collection

a. Low Taxpayer Base: He highlighted the need for a more inclusive tax framework, noting that only a small percentage of Bangladesh's population are taxpayers compared to neighboring countries. He proposed mandatory annual financial statements for all national identity card holders to broaden the taxpayer base significantly.

Corruption and Bureaucratic Challenges

Dr. Momen criticized the presence of corruption among bureaucrats, which he argued contributes to public harassment and undermines the efficiency of the bureaucracy as a whole. He stressed the importance of addressing corruption to improve governance and public service delivery.

Conclusion

In conclusion, Dr. AK Abdul Momen's critique of the proposed national budget reflects broader concerns about economic management, taxation policies, employment generation, and governance issues in Bangladesh. His proposals for reforming tax policies and addressing corruption underscore the need for comprehensive and inclusive economic strategies to foster sustainable growth and development.

References

  1. Official statements by Dr. AK Abdul Momen on economic challenges and proposed budget measures.
  2. Statistical data on unemployment rates and taxpayer demographics in Bangladesh.
  3. Analysis of proposed fiscal policies and their potential impacts on economic sectors and public welfare.

This report provides a comprehensive overview of Dr. Momen's perspectives and recommendations regarding Bangladesh's proposed national budget, highlighting critical areas for policy review and reform to foster sustainable economic growth and governance improvement.

   


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