The Businesses welcome and commend the Finance Minister for presenting a forward looking 1st budget of the newly elected Government of Prime Minister Shekh Hasina. Among others, the proposal for budget allocation of Tk.25 billion for Public Private Partnership (PPP) is well appreciated by the business community. However, the utilization of the allocation for reaping the desired benefit to the nation should be well thought of, with an appropriate framework as well as development of an effective and transparent institution for dealing with the projects to be financed under PPP.

The Businesses, on the other hand, are very much concerned about the budget proposal to allow legalizing “Black Money” (earned through drug trafficking, money laundering, smuggling, corrupt practices and undisclosed legal income) on payment of a nominal 10% concessional tax over the next three years!! This, we believe, would not only discourage the genuine tax payers but also demoralize as well as act negatively as disincentive for honest citizens. Therefore, the proposal should be reconsidered for withdrawal.

If at all it is to be considered, it should be only for those who have legally earned profit in business but did not declare in the past, and such declared earnings may be allowed on payment of normal tax plus a token penalty for default.