Finance Minister AHM Mustafa Kamal's latest remark, terming the flat and plot owners in Dhaka 'black money holders', came under criticism at the Jatiya Sangsad (parliament) on Thursday.
Criticising the finance minister's 'new definition' of black money, an opposition lawmaker sought explanation from the minister regarding the matter.
Jatiya Party lawmaker Mujibul Haque Chunnu said he had no flat or home in the city but got a plot in Purbachal in 2010.
"I don't know whether I have become a black money holder as per the new definition of black money introduced by the minister. I think many lawmakers, including speakers and even the president, could become the undisclosed money holders under the new definition," he said.
"I would like to call the finance minister to explain in the parliament after analysing the existing laws whether I have become a black money holder," he said.
The lawmaker was also critical over the proposed budgetary measure to legalise laundered money by giving only 7.0 per cent tax.
He said businesses had to pay some 25 per cent taxes against their profit. "Now, why they (businesses) will pay too much taxes, they will launder the money and legalise it by paying only 7.0 per cent," he said.
He said all the governments over the last 40 years had given various benefits to bring back the laundered money but the outcome was not satisfactory.
"So, scrap the proposal because it is against the spirit of the integrity and constitution," added the lawmaker.
According to bdnews24.com, the Ministry of Finance has issued a statement clarifying Minister AHM Mustafa Kamal's claim that everyone who owns land, houses or flats in Dhaka has 'black money' in a sense.
Speaking to reporters after a meeting of cabinet committees on Wednesday, the minister faced questions on his proposal to offer amnesty to money launderers by levying some taxes in an effort to bring their funds back from abroad.
Despite widespread criticism of the proposal even from within the ruling Awami League, Kamal vowed to press ahead with his plan. "I'm not under any pressure. I'll do what I've said."
People show a lower price than the original while registering their properties, he explained. This practice is depriving the government of the right fees, he said.
"The money in the difference between the original price and the declared value vanishes from the record."
"Everyone is involved in black money, [but I face criticism] when I try to bring the black money back home."
The statement from the finance ministry on Thursday acknowledged the minister's remarks, but objected to the media's decision to use them for headlines.
The statement was meant to "avoid unnecessary confusion", as the ministry claimed that some news websites and online editions of daily newspapers had "played up the minister's remarks to juice up their stories".
By attributing sensational headlines to the finance minister to conclude that "everyone who owns land or flats in Dhaka has black money', these news outlets are creating unwanted obfuscations, according to the statement.
If people only read the headline instead of the entire report, they will be misled, it claimed.
"Therefore, it is requested that news outlets refrain from creating unnecessary confusion by taking into account the actual statement and reporting its actual wording."
According to the ministry's statement, Kamal responded to a question from the media and said that the original price of the land in Dhaka's Gulshan area is undervalued when it is being registered by an owner.
Their clarification is as follows: "You cannot register the land at a higher price - the price has been set for each mouza [specific land area] - so the registration cannot happen at a higher price," the minister said. "That is where black money comes in. Who isn't involved?"
The finance minister added that, in some cases, an apartment sold at Tk 100 million shows a declared value of Tk 20 million on the registration. This means the government is not getting additional fees during registration and this is giving rise to black money.
Everyone has to understand these issues, the minister said. Only those directly involved in buying and selling land in Dhaka can say whether there was a difference between the actual market price and the price it was registered at.
So, in a sense, all flat and landowners in Dhaka city 'own black money', the minister said.
However, he noted that the 'system' was responsible for this situation.
jubairfe1980@gmail.com