Noted economist and former advisor to the caretaker government, Professor Dr. Wahiduddin Mahmud on Saturday said 80 percent of the rich people are evading taxes while a large part of traders do not pay VAT.
He said imposing new tax in the upcoming budget will not give good results in revenue collection while discrimination, corruption and injustice in tax management exists.
He was addressing as chief guest at the Shadow Parliament Debate Competition on the strategy of the upcoming budget, took place at FDC auditorium in the capital on Saturday.
"We moved forward remarkably in establishing good governance in the financial sector, but this is surprising that how again we have lagged behind", said Dr. Mahmud.
He believes that there is no reason to believe that the IMF knows too much about Bangladesh's economy. The advice of IMF could be accepted if it is to preserve the interest of the country and the people.
Chairman of Debate for Democracy Hasan Ahmed Chowdhury Kiran presided over the event.
While addressing, Kiran said the upcoming budget is being announced amid various challenges including inflation, dollar crisis, uncontrolled commodity prices, pressure of foreign debt, irregularities in the financial sector, increase in project costs.
"Growing income inequality is creating silent discontent in society. Deficiency in reserves has led to depreciation of Tk against dollar. Import costs have increased", he said adding that currently, the total outstanding debt in the country is around Tk 6 lakh crore.
Suggesting to determine the strategy of the upcoming budget for ensuring economic security of people the Chairman of Debate for Democracy placed a 10-point recommendations in the event which include increase investment in agriculture to ensure food security and prepare an agriculture-friendly budget, reduce unnecessary incentives in other exports including clothing, remaining careful in accepting any new project, imposition of tax on capital gains in share market.Debaters from Eden Women's College defeated Barisal University debaters in the Shadow Parliament titled “Increasing revenue for economic protection should be the main strategy of the next budget”.
Professor Abu Muhammad Rais, Dr. SM Morshed, Research Fellow of BIDS Tahreen Tahreema Chowdhury, Professional Accountant Abul Bashir Khan, Journalist Shah Alam were present as Judge in the competition.
