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TIB chief: Excise duty on bank accounts to have negative impact

  • Published at 02:45 am June 6th, 2017
  • Last updated at 02:48 am June 6th, 2017
TIB chief: Excise duty on bank accounts to have negative impact
The additional excise duty imposed on bank accounts in the proposed budget will increase the influence of bank money in the country’s economy and act as a tool to protect loan defaulters, said Executive Director of Transparency International Bangladesh (TIB) Dr Iftekharuzzaman on Monday. “Certainly the excise duty proposed in the budget will pose a negative impact. It will discourage general depositors to deposit their money in banks,” he said in a meeting at the Anti-Corruption Commission head office, a UNB report said. Replying to questions from reporters, the TIB chief said the government must rethink the excise duty as it will promote bank money and create risks. Noting that a strong discussion should be held at parliament in this regard, he said the excise duty is unacceptable both morally and legally. “This is an injustice to the masses as it has no moral base,” he said. Iftekhar said there is no example of such excise duty on bank accounts around the world and expressed his surprise that the system was introduced without any legal base. He said money will be collected from the public through excise duty, increasing the tax burden on them, and a large amount of it will be spent to protect the ìcorrupt banking sector,î which will ultimately patronise corruption and irregularities. At the event, ACC Chairman Iqbal Mahmood said political will is a must to combat corruption and the commission has received adequate allocation in the proposed budget, which manifests the government’s strong political will. He said the masses do not receive public services due to corruption, which creates black money and promotes money-laundering and terrorism. He added that corruption will adversely affect the future generation and called on all to come forward and raise their voices in unison against the menace. At the meeting, the ACC and TIB signed a memorandum of understanding, in aims of increasing cooperation to jointly carry out prevention activities to check graft. Iftekhar and ACC Director General Dr Shamsul Arefin signed the deal on behalf of their respective sides. ACC Commissioner AFM Aminul Islam and its Secretary Abu M Mustafa Kamal, among others, were present.