TIB opposes money legalising move
Saturday, 12 June 2010
FE Report
Transparency International Bangladesh has expressed concern over the provision of legalising undisclosed money in the budget for 2010-2011. It said the provision would encourage corruption in a massive way.
The national chapter of the Berlin-based anti-corruption watchdog said Friday the payment of 10 per cent tax under Bangladesh Infrastructure Finance Fund would allow whitening of illegally earned money.
"It will encourage corruption in a massive way," TIB executive director Iftekharuzzaman said, adding undisclosed money is widely referred to as black money.
He said the move is also contrary to the government's election pledge and it would cause of financial irregularities.
The finance minister in his budget speech proposed that anyone could invest undisclosed money in bonds issued by Infrastructure Finance Fund by paying 10 percent tax.
Transparency International Bangladesh has expressed concern over the provision of legalising undisclosed money in the budget for 2010-2011. It said the provision would encourage corruption in a massive way.
The national chapter of the Berlin-based anti-corruption watchdog said Friday the payment of 10 per cent tax under Bangladesh Infrastructure Finance Fund would allow whitening of illegally earned money.
"It will encourage corruption in a massive way," TIB executive director Iftekharuzzaman said, adding undisclosed money is widely referred to as black money.
He said the move is also contrary to the government's election pledge and it would cause of financial irregularities.
The finance minister in his budget speech proposed that anyone could invest undisclosed money in bonds issued by Infrastructure Finance Fund by paying 10 percent tax.