The parliamentary standing committee on finance ministry at its meeting suggested a ?realistic? size of the ADP in view of the political situation of the country?apparently as political unrest holds back the wheels of development.
AHM Mustafa Kamal, chairman of the committee, told reporters that the parliamentary body was ?absolutely happy? with the performance of AMA Muhith as finance minister.
He said the country?s economy is in a better shape considering the economic crisis in Europe which is the destination of Bangladesh?s 60 percent exports.
The finance ministry sources said the size of the development budget or ADP in the current fiscal year is Tk 410 billion, downsized from the original outlay of Tk 460 billion. In the last nine months, the government has implemented about 45 percent of the ADP.
In the last fiscal, too, most of the government departments could not implement the development recipe.
?We have suggested undertaking a realistic ADP instead of a bigger one. For instance, what is the meaning of taking up an ADP of Tk 1,000 billion if the government can spend Tk 500 billion,? Kamal told reporters at parliament?s media centre.
He said the government should keep the current political situation in mind while preparing the national budget for 2012-13 fiscal year.
Finance Minister AMA Muhith, Bangladesh Bank Governor Dr Atiur Rahman, former governor Dr Farash Uddin, economist Rehman Sobhan and other stakeholders attended the meeting at the parliament building.
The chairman said his committee is in favour of continuation of the scope for legalising ?undisclosed money? by paying 10 percent tax.
Kamal said the standing committee suggested that the minimum level of income tax should be Tk 200,000 instead of the present Tk 165,000.
?We have suggested that people should pay tax at the rate of 10 percent for the first Tk 500,000 income. For the next Tk 500,000, the rate should be 20 percent while the rate should be 25 percent after the amount,? said the chairman, adding that his committee has also suggested reducing the rate of corporate tax.
But he did not mention any rate for corporate tax.
Kamal said people must show their entire wealth in their income returns or face penalty.
?We strongly feel that all capable people should pay tax. If anyone, having at least Tk 5,000,000, is found to have concealed information on their wealth, they must pay 25 percent more than the regular 25 percent tax,? he said.
The chairman said the government should reduce the tax for the long-term investors in the capital market.
Source: daily-sun.com
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