Finance Minister Abul Maal Abdul Muhith announced the opportunity of turning black money into white in condition to invest in the housing sector of Bangladesh.
He declared this in the closing speech on a budget of 2014-15 fiscal years on Saturday. There was also a provision of whitening black money by giving tax on last fiscal year (2013-14).
Today in a speech on budget closing doing some amendment's finance minister said, “If someone pays a certain amount of taxes for per square meter in the housing sector his investment will be accepted without any question this provision is just to simplify the tax payment system.”
The minister said, “There is some confusion about black money in tax ordinance. By finance law 2011, the invested money is accepted without any question if the 10 percent tax paid on government invested Treasury bond. However, in practical taxpayers didn’t take advantage of the provision. We don’t want to keep this opportunity, so I propose to repeal the provision.”
He said, “If someone didn’t pay his income tax properly, he could pay his taxes by giving applicable tax and fine. In that case, the taxpayer didn’t get any discount. He has to give tax with conventional rates of fine. These two provisions are retained because these two opportunities need to balance the management of the tax system.”
In the context of the validity of illegal earning by promulgation in the budget, Vice Chancellor of IBAIS University and Economist Dr. Arifur Rahman said, the opportunity of turning black money into white will not bring the positive results. Moreover, the investment of black money in the housing sector will put more pressure on the lands of Bangladesh.
In this context, the Revolutionary Workers Party of Bangladesh’s general secretary Saiful Huq said, by giving the opportunity of turning the black money into white government is encouraging corruption and illegal earnings. In this, the peoples that are a valid taxpayer and earns honestly will be disappointed.
Managing Director of Real Estate Company Advance Homes- Touhida Sultana welcomed the initiative of government increasing investment in the compromised housing sector. But she recommended monitoring the investment appropriately.
Now there is a downturn in the housing sector in our country. At the moment, 60 thousand apartments are unsold. Many developers have gotten away from the business. Many housing projects are stuck in midway. In this situation, it has to see if it resolves the crisis or increases the crisis for the investment of black money.
