Black money
After the declaration of the budget different organisations protested the opportunity given for whitening black money. Somebody has commented that this opportunity is the demand of the time and it will help industrialisation. On the other hand, we have also heard that this opportunity will discourage honest taxpayers. Are the TIN holders paying genuine tax on their income? In our country nobody wants to pay direct tax willingly. Previous governments also gave this opportunity but they did not get a good response. So, I do not believe this time people will stand in queues to whiten their money.
In our country people keep their money either in banks or in fixed assets. It is difficult to differentiate between black money and white money. Banks are deducting tax on interest without considering whether this interest accrued on white or black money and are depositing it to government exchequer.
The government should find out a system where people will pay tax willingly.
For all latest news, follow The Daily Star's Google News channel.
Comments