Committed to PEOPLE'S RIGHT TO KNOW
Vol. 5 Num 370 Sun. June 12, 2005  
   
Business


Up money whitening levy to 10pc
Demand tax lawyers


Jatiya Kar Ainjibi Samiti (JKAS), an association of tax lawyers, yesterday demanded that the government increase tax rate for whitening black money to 10 percent from the proposed 7.5 percent.

Honest taxpayers will feel demoralised if they pay more tax than the black money holders do, JKAS leaders told a post-budget news conference at Jatiya Press Club.

Holders of black money are not at all interested in whitening it, although the government in the new budget has extended the deadline for another year in this regard, they said.

"Besides increasing the tax, the government should also make it mandatory to invest black money in productive sectors," said JKAS President Advocate Zakir Hossain.

The lawyers urged the government to enforce the Tk 1.2-lakh increased ceiling of zero tax on individual income from the next fiscal year instead of the 2006-07 FY.

They emphasised the need for bringing the country's political parties under the tax network, which is common in the neighbouring countries.

"If the political parties, which regularly spend huge sums of money, are brought under the tax network, their accountability will increase and the government will also earn revenue," Hossain said.

He, however, praised the government for making the highest allocation to the education sector. "The government should now make a proper education policy to develop the sector using the highest allocation."

The government should be more careful about marginal farmers so that they get the benefit of the proposed subsidy facilities, said JKAS president.

The tax lawyers also demanded introduction of the Tax Ombudsman.

JKAS General Secretary Advocate Abdul Aziz Sarker was also present.