Recommendation to stop the opportunity to whiten black money
The Center for Policy Dialogue (CPD), a private research institute, has recommended that black money laundering be stopped in the next budget. The CPD thinks that honest taxpayers are discouraged when black money is given a chance to be whitewashed
Tax evaders are encouraged. In addition, the CPD has recommended the introduction of an anonymous asset bill to address the problem of giving black money a whitewash.
Apart from this, the CPD has also recommended increasing the tax-free income limit of individual taxpayers by another Tk 50,000 to Tk 3.5 million. The agency says food inflation has risen sharply. Again, due to the Corona epidemic, the income of many has decreased. Apart from this, 5 percent tax has been imposed on the first 1 lakh taka after the tax-free income limit. CPD’s proposal is to levy tax at the rate of 5 percent on the first 3 lakh rupees after the tax-free income limit.
The CPD has proposed these budgets for the next fiscal year 2022-23. The proposals were unveiled at a press conference held at the CPD office in Dhanmondi on Tuesday. CPD executive director Fahmida Khatun presented various proposals at the press conference. The press conference was not limited to the budget proposal in the end. Discussions on various issues of contemporary importance including commodity prices, forthcoming elections, Sri Lanka crisis have come up
The CPD has made several proposals on tariffs and taxes at the event. One of these is to increase the maximum tax rate for individual taxpayers from 25 percent to 30 percent; Increase the corporate tax rate of a single company from 30 percent and corporate tax of cigarette companies from 45 to 55 percent; Increase tariffs on soft drinks; Reducing tariffs on raw materials for sanitary napkins; Withdrawal of VAT on English medium schools etc.
The CPD says controlling high prices for daily commodities is one of the biggest challenges now. Poor people are under pressure. The company believes that tackling such immediate challenges should be given priority in the budget for the next financial year. The CPD thinks that the reduction in tariffs on daily commodities could lead to a slight reduction in prices. Again OMS activities need to be expanded to sell daily commodities at fair prices. The CPD has also recommended increasing the program of providing direct cash assistance to the poor. The company expects high commodity prices to continue for the first few months of the next fiscal.
CPD Executive Director Fahmida Khatun said that the information provided about inflation was not in line with reality. In reality, the price of goods is very high. But according to government data, inflation is 6 percent.
Recommendation of action against tax and debt defaulters