Speakers for stopping illicit capital flight for domestic resource mobilization

Speakers on Wednesday urged the authorities concerned to stop illicit capital flight with highest priority for earning more revenues.

 

They made the call at a virtual press conference, organized by EquityBD, a network of right based civil society, titled ‘Stopping Illicit Capital Flight Should be Highest Priority in Domestic Resource Mobilization’, said a press release.

 

The speakers expressed concern on the enhanced trend of illicit capital flight, black money, and default loan of the country.

 

They also urged for earning more revenue by tackling illicit financial flows rather than dependence on tax specially VAT as indirect tax and bank loan.

 

The virtual press conference was moderated by Rezaul Karim Chowdhury of EquityBD while Ahsanul Karim of COAST Trust presented a paper.

 

Sayed Aminul Haque and Ferdous Ara Rumee of EquityBD; Dr Kazi Maaruful Islam, Prof Development Studies, Dhaka University; Aamanur Rahman from CARE Bangladesh; Prodip Kumar Roy from CSRL spoken in the occasion among others were present.

 

Keynote speaker Md Ahasanul Karim said, “The government has declared a budget of 5,68,000 crore for 2020-21FY with a deficit budget of Tk 1,90,000 crore.”

 

The government is heavily depending on tax collection specially the VAT (value added tax) an indirect tax and bank loan, he said adding that the government is not giving emphasis in tackling illicit financial flow from where huge revenue could be collected.

 

As per Washington-based Global Financial Integrity (GFI) March 2020 report, a total of Tk 4,48,000 crore had been siphoned off Bangladesh during 2008-2014 and yearly average 64,000 crore through corruption, bribery, trade miss-invoicing and tax evasion.

 

This amount is more than two times of allocated Padma Bridge or two years of health budget, he said.

 

He urged the government to show zero tolerance to corruption, bank looting, earning black money and illicit fund transfer.

 

Amanur Rahman of CARE Bangladesh said the government has a lot of rules especially in respect of bank transaction, but hardly able to imply those on rich people.

 

He also criticized recent circular on 100 % foreign investment in e-commerce.

 

Syed Aminul Haque of COAST said the government should not allow investing black money to the share market and in property purchase.

 

Attending the programme, Fardous Ara Rumee said tax and process should be made easy so that it will support women empowerment and women entrepreneurs.

 

Source : United News of Bangladesh