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Saifur talks of new law to force tax disclosure

Staff Correspondent
Finance and Planning Minister M Saifur Rahman yesterday told the Jatiya Sangsad that a fiscal responsibility act would be passed to enforce disclosure of the amount of taxes paid by businessmen and professionals.
Referring to large-scale tax evasion by them, he said they name mama shashuri, khala shashuri (mothers-in-law) as the sources of their resources.
The minister made the comments in his closing speech on the proposed budget for the fiscal 2003-2004 in the Jatiya Sangsad.
Referring to the amendment to self-assessment system of income tax, he said many, especially lawyers, criticised the proposal.
He said the proposal was made to bring an end to the selfassessment system abused widely by tax-evaders.
Many businessmen and professionals took to their advantage the system to submit much less taxes although they earn crores of taka.
He said he examined 500 files of people who paid taxes under the self-assessment system and found that many of them, who own property of Tk 10 or 13 crore, paid only Tk 10,000 or 12,000 in taxes.
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"I'm shocked by their degraded morality and ethics," he said.
"The conscientious citizens of the country should declare their real income with honesty and pay due taxes," he said.
Earlier, uncertainty hanged till the last minute over Saifur's speech at the House as he was undergoing treatment at the Combined Military Hospital.
The minister, aided by some, showed up in parliament at 1:30pm despite doctors' advice to take rest and spoke sitting in his chair with the permission of the Chair.
Although Saifur began to speak in a mild voice, he raised it at times getting agitated. His fellow front benchers, however, asked him to keep calm making signs.
At the beginning of his speech, Saifur said: "I'm very sick. But as I presented the budget, I feel obligated to be present in the House during its passage."
He said the budget was aimed at creating jobs by raising investment.
Saifur said the government prepared a three-year Interim Poverty Reduction Strategy Paper and the budget mirrored its objectives.
He said the government would continue to work out policies and reforms on the basis of the paper.
Dismissing the criticism of the budget for taxes, he said: "You demand development but don't want to pay tax, they cannot go both at once."
Criticising the Awami League (AL), he said the government did not expect any idea from the party as they did not have any development concept.
"If the AL takes office again, it will take 40 years to fix the economy. They don't have any knowledge about fiscal management."
He said macroeconomic stability could be established after the present government took office.
Saifur called upon the opposition to return to the Jatiya Sangsad for the development of the nation.
He said budget needed insightful analysis in parliament and if the opposition remained absent it would be very unfortunate for the nation.
"If politics is sound, mobilization of internal resources will rise and their proper utilisation will breathe add pace to development."
"If we work together, there will be stability and greater foreign investment," he added.