Distinction between legitimate and illegitimate income not clear in budget: ICAB
While not wanting to comment on the benefits of whitening money at the individual level, Mohammed Forkan Uddin, president of ICAB, argued in favour of such benefits given to companies.
The proposed budget gave an opportunity to legalise black money with a 15% tax but did not provide a distinction between legitimate and illegitimate income, according to the Institute of Chartered Accountants of Bangladesh (ICAB).
In a post-budget press conference at the ICAB office in Dhaka today, Md Humayan Kabir, former president of ICAB, said the budget should have provided a distinction in this regard.
While not wanting to comment on the benefits of whitening money at the individual level, Mohammed Forkan Uddin, president of ICAB, argued in favour of such benefits given to companies.
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"Before 2020, many companies used to submit multiple financial statements. After the introduction of online Document Verification System (DVS) in 2020, they are not able to show many assets due to inconsistencies or irregularities with the previous year's financial statements.
"As far as we know, the government was already thinking about how to give amnesty to the companies in this regard," Forkan Uddin said.
