Editorial
Legalising black money
A futile exercise
DESPITE having made public statements about the futility of providing facility to whiten black money, the finance minister has allowed it to happen once again in the current budget. Interesting to note that what had been admitted to be an "immoral practice" has been allowed in every national budget since 2009. The fact remains that holders of black money have always shied away from this special privilege except during the two-year interim caretaker government. The facts speak for themselves: since independence 42 years ago, a mere Tk 13, 515 crore. have been "whitened" and the earnings for the national exchequer has been a paltry Tk 1, 407.21crore..
So where does that leave us? When immorality takes precedence over principles and ill-gotten monies are allowed to be streamlined into mainstream economy, why should people be encouraged to pay taxes in the first place? On the one hand this year's budget is placing huge importance on revenue collection from taxation, and on the other, it is allowing legalisation of "black" money. This double standard can never be an acceptable practice. Allowing "black" money to be invested in apartment and land purchase will only fuel prices of land that is already over-inflated, which cannot be a good thing. In the final analysis, allowing for such provision to remain only encourages the belief that it is an acceptable risk to make money illegally since policymakers will allow for its legalisation sooner or later.
For all latest news, follow The Daily Star's Google News channel.
Comments