Tk 54.8 lakh crore black money made in 10yrs
Around Tk 88.6 lakh crore of untaxed or black money has been made during the past 48 years since Bangladesh gained independence, explained Bangladesh Economic Association (BEA) yesterday.
Of it, Tk 54.8 lakh crore or about 62 % has been generated in the past 10 years alone, that's, since 2010.
"At least 11 countrywide budgets might have been well prepared with the total untaxed money generated," said BEA President Prof Abul Barkat at a virtual press conference while proposing an alternative budget for another fiscal year.
Prof Barkat's budget proposal is of Tk 17,38,716 crore. This is three times bigger than the current spending plan of Tk 5.86 lakh crore.
He explained that it had been to greatly help the country's overall economy recover from the damage caused in the Covid-19 fallouts.
Prof Barkat said it had been a significant logical proposal capable of reducing social inequality and poverty and increasing tax on abundant people, but that it had been not possible for today's administration to implement it.
Of the outlay, Tk 16,03,716 was said to be generated as income from tax and the rest of the Tk 1.35 lakh crore to remain as a budget deficit.
Of the tax earnings, 79 % was to result from direct tax and the others 21 per cent indirect tax.
In today's fiscal 2020-21, the national budget's total earnings has been approximated at Tk 3,62,013 crore.
The creation and operational allocation ratio of the government's current spending plan is 38:62 while of the BEA 69:31.
Prof Barkat showed 28 new ways to increase income generation amidst the pandemic, including imposing tax on wealth, the super abundant and excessive profits made by business.
The BEA proposal said the best income of Tk 443,864 lakh crore will be generated from clamping straight down on excess profit, untaxed money and money laundering.
It proposed allocating Tk 20,2124 crore for education and it, Tk 137,124 crore for overall health sector, Tk 330,900 crore for social back-up and welfare, Tk 226,114 crore for strength and power, Tk 150,700 crore for transfer and communication sector.
"In our proposal, you will have a qualitative transformation found in the budget allocation framework," said Prof Barkat.
New sectors and sub-sectors have already been added to the choice spending budget, including a ministry for public transport and another for research and reproduction.
The 10 latest divisions are a section of public health protection beneath the ministry of health and family welfare and a department of veterans affairs and a department for life skills creation for poor, rural women beneath the ministry of social welfare.
Prof Barkat also proposed ceasing allowing whitening of dark-colored funds and recovering laundered cash.
