The proposed fiscal year 2024-25 budget for Bangladesh has ignited a heated debate among government and opposition parliamentarians, economic experts, and the general public. Central to this debate is the contentious provision allowing individuals to whiten black money by paying a mere 15 percent tax, significantly lower than the over 30 percent tax rate imposed on legal incomes. Critics argue that this policy undermines the principles of economic justice, disincentivizes honest taxpayers, and potentially exacerbates corruption.

In the session presided over by Speaker Dr. Shirin Sharmin Chowdhury, various members of parliament expressed their concerns. Pran Gopal Dutta, a ruling party member, emphasized the persistent issue of informal grey money related to tax evasion, which the budget fails to address. He argued that without tackling this informal economy, any measures to control undisclosed income or black money would be ineffective. Grey money, he suggested, is more detrimental than undisclosed income as it perpetuates money laundering and other illicit financial activities.

Nurun Nahar Begum, a member of the Jatiya Party, echoed similar concerns. She warned that the provision to whiten black money could facilitate money laundering, allowing criminals to legitimize their illicit wealth, further aggravating the country’s economic woes. Housing and Public Works Minister Ram Ubaidul Moktadir Chowdhury pointed out the pervasive presence of black money in the market and........

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