DCCI stands against ‘black’ money whitening

Dhaka, NewshoursBD :

The Dhaka Chamber of Commerce and Industry (DCCI) has urged that the government’s next upcoming should not permit the “whitening” of illegally blackish earned money.

The business body did however propose that there should be an option for whitening undisclosed “legally earned money” at a tax rate of 50 percent.

Abul Kashem, president of the Dhaka chamber, made the call at a press briefing organised at the conference room of the DCCI offices on Saturday noon.

“It will not bode well if there is any scope for whitening illegally earned money.”

Kashem said that those who had undisclosed money earned legally may be given the opportunity to whiten it for 50 percent of which half could be considered a tax and the other half a fine.

He outlined the DCCI position on different issues including income tax, import tariff, value added tax, power and energy, communications and constructions.

He said there should be a list of 5 million tax payers by 2015.

“At present 42 percent of the tax comes from Dhaka. It is essential to increase the amount. Especially professionals should be included in its range,” he said on behalf of the Dhaka chamber.

Kashem also backed the idea of tax cards with different incentives to inspire taxpayers.

The president urged the National Board of Revenue to put in place transparent rules and regulations in order to simplify tax payment.

DCCI president said that power sector should be given the highest allotment in the next budget.

Kashem came out strongly in favour of coal mining. He observed that there was no certainty on how long the country’s gas reserves would last.

“We have to use coal as an alternative and proper steps should be taken for setting up coal based power plants as early as possible.”

He urged that diesel price be fixed at Tk 22 and furnace oil at Tk 12 per litre.

Kashem said that the government should allocate at least Tk 50 billion to address traffic problem in.

Tags:  'black' money whitening, DCCI