The ruling Awami League (AL) has said the opportunity to whiten black money, included in the proposed budget for 2024-25, aims to curb money laundering, hoping it will bring funds back into banks and contribute to the mainstream economy.

“We are making arrangements to integrate undisclosed income into the mainstream economy by imposing a 15% tax. This initiative will recover money hidden by many individuals,” said AL General Secretary Obaidul Quader at a press conference organised at the party’s central office on 23 Bangabandhu Avenue on Saturday to express the party’s reaction on the proposed budget.

This opportunity does not exempt individuals from punishment for any illegal acts committed to acquire the money.

“Any criminal offence will be prosecuted under existing laws. However, many people lack complete asset details for various reasons, including delegating tax return preparations to others.

There should be an opportunity to rectify these mistakes,” he added.

In response to the Centre for Policy Dialogue’s (CPD) criticism that the provision to whiten money conflicts with the AL’s election manifesto, Quader said, “We are not concerned about the opinions of CPD, TIB, and SUJAN. They all echo the BNP’s voice. Their actions do not align with their words.”

“BNP has itself smuggled thousands of crores of taka abroad, and their acting chairperson is comfortably residing in London,” the AL leader added.

Quader, who is also the minister for road transport and bridges, said that the primary goal of this budget is to steer the country’s economy back to a path of high-dynamic development.

He said that the main objective of this year’s budget is to eliminate the ongoing economic uncertainty and crisis. By controlling high inflation, the country’s economy is being gradually restored to the robust growth path it was on before the COVID-19 pandemic and the current global conflicts. This budget is realistic and people-oriented amid the ongoing domestic and international economic crises.

Bangladesh is progressing in all social and economic indicators. The gross domestic product has increased by an average of 6.7%, one of the highest growth rates globally. Despite the dollar crisis and high inflation caused by international political and economic situations, starting from the COVID-19 pandemic, Bangladesh has achieved consistent economic growth every year.

AL Presidium Members Qamrul Islam, Mostafa Jalal Mohiuddin, Joint General Secretary Mahbubul Alam Hanif, Organising Secretaries BM Mozammel Haque, Sujit Roy Nandi, Publicity Secretary Abdus Sobhan Golap, Agriculture Secretary Faridunnahar Laili, Office Secretary Biplab Barua, Deputy Office Secretary Sayem Khan, and others were also present at the press conference.