36% Tax Money is Trafficked from Bangladesh

Trafficked Tk.

UNCTAD says most of the money is smuggled through false declarations in the import-export program. Economists say money laundering has increased over the past four years.

Tax money
tax income

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In Bangladesh, the amount of tax collected annually, equal to 36 percent of the money is smuggled abroad. The United Nations Trade and Development Organization (Anktad) has given this information. Unctad has calculated the amount of money taken into account by the amount of tax levied in 2015. However, it was not said how much Tk was smuggled that year.

As a Ministry of Finance, the tax revenue was collected in this country during the financial year from 2014-2015 to 1,40, 676 Tk. Considering the data provided by Anktad, the same amount of money has been smuggled out of Bangladesh for that year 50,640 Tk.

Unctad report released on Wednesday by the LDC on Wednesday said more money was being smuggled from almost all the countries of the six developed countries. In the underdeveloped countries, the money is snuggled up to 5 to 5 percent of the tax revenue.

The report on behalf of Anktad was published by the Center for Policy Dialogue (CPD), a private research institute. A press conference was called at the Economic Reporters’ Forum (ERF) auditorium in Paltan, capital of the capital.

Unctad says preventing tax evasion through import-export activities is a big challenge for a country like Bangladesh. The trade of Bangladesh with developed countries is false, with the equivalent of 5%.

Ahsan H Mansur, executive director of the Private Research Institute’s Policy Research Institute (PRI) on money laundering, said at first light that the money-laundering ratio might have been calculated correctly. Tax collection has increased over the past few years, so the amount of Tk trafficking has also increased. It has been estimated that money has been smuggled out of this country for a long time. It is not possible to accurately ascertain how much Tk has been smuggled.

According to him, as long as there is a way to earn Tk illegally, the money will continue to be trafficked. Bangladesh is now number one in South Asia bribery. The longer this magnitude is, the longer the will be acquired. He further said, “In the face of international pressure, money has been imposed on smuggling Tk. But is there any fruit coming out? My answer is no. ‘

There has been an increase in money laundering through import and export activities. Recently some cases of Tk laundering have also come out. The National Board of Revenue (NBR) has investigated several such incidents. For example, in the export of goods by Crescent Group company Silver Composite Leatherware Limited, the export value of Tk 1 crore 1 lakh was not realized. This means that the money was smuggled abroad. Earlier this month, three people, including Crescent Group Chairman MA Quader, were charged with Economy laundering.

Last year, a company called SB Exim smuggled around Tk 1 million to various Middle East countries in the name of exporting terracotta tiles. Besides, the Bismillah group smuggled around Tk 1,000 crore a few years ago by exporting clothing.

Responding to how the money is smuggled, CPD Special Fellow Devpriya Bhattacharya said at a press conference yesterday that only 8 percent of the Tk was smuggled through false declarations in the import-export program. Tax collection would be increased if Tk was being prevented. The money was invested in the country.

Source: The Daily Prothom Alo