Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Thursday, February 21, 2019 12:50:47 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Commentary

Forcing abuse of tax laws is no ‘push’ for economic growth

By Editorial Desk
24th-Jun-2015       
Comments
Share your thought
Post a comment »
Read all () »

Under pressure from the Finance Ministry, the income-tax officials are creating panic by attaching bank accounts directly without caring to follow the relevant laws or procedures. There is no government to realize that the stronger the bureaucracy the weaker is the economy.
A Division Bench of the High Court Division of the Hon'ble Supreme Court accepted a writ petition last Sunday and issued show cause for asking a bank to pay the income-tax authority the claimed amount of income-tax from the account  of the account holder though a dispute is pending before the appropriate authority for a decision.
Finance Minister Mr. AMA Muhith while explaining his budget said he wanted to give "big push" to the country's economy. But pushing the economy to higher growth does not mean pestering or overburdening the tax-payers. The economy grows by productive economic activities. When money flies out of the country then the economic prospects are bleak. Mr. Muhith is of no help where real push is necessary to change politics.
Under different circumstances, tax laws allow Appeal and Tribunal to go through before finality is reached about any income-tax claim. Thereafter, the aggrieved party can also go for a reference to the High Court Division of the Hon'ble Supreme Court.
But some officials working under unreasonable pressure felt obliged to exercise power arbitrarily by resorting to attaching bank accounts and ordering banks to realize income-tax before the matter has been finally decided.
As it is, most of the tax-payers have difficulties in one way or the other for the complexity of the income-tax law though most of them are anxious to be on the right side of the law.
The government should be more concerned to find ways  of getting  back thousands of crore taka from those who robbed  and plundered public money from banks and otherwise. They are safe and happy with their money kept safely away under protection from within.
Such arbitrary acts of asking bank directly to pay a claimed amount of tax without giving the account holder a chance to explain are bound to create a sense of insecurity among the account holders in banks. In some cases, the tax officials do not even bother to inform the account holder.
It is forgotten that there are other modes of realizing income-tax money before touching the bank accounts causing immediate hindrance to banking transactions at national and international levels in some cases.
The incidents of large sums of money looted away from the banks has already weakened the people's confidence about safety of their money in the banks. Final damage is being done by income-tax officials exercising control over depositors' money. It will create an overall uncertain situation for the banking sector.
There are newspaper reports explaining that for the uncertain political situation a lot of people are not depositing their money in the country's banks and huge amounts of money are going out of the country to be kept in Swiss and other foreign banks.
Nobody will be surprised if insecurity of money in banks results in greater flight of capital from the country.
The observers do not disagree that tax must be collected and people not paying income-tax should not be condoned. But creating crisis unnecessarily for the genuine tax-payers should also not be the easy way with the tax officials. They must also keep in mind the pressure of the country's economic distress on taxable people.
The present depressed economy is not the creation of the tax-payers. The tax-payers also complain that the government cannot ignore people are subjected to pay extortion money and bribe in every step of the way for anything being done. Those who do not know how to become millionaire overnight, life is already full of pitfalls and pains for them.
As the view being expressed by the economists that the much needed money for accelerated development can come by way of foreign investments, but there the government is failing. The government's revenue will increase if confidence for productive economic activities can be spurred by positive policies. The government is proving incapable of reviving the country's economy and unwilling to listen to others for ending confrontational politics and restoring public peace and accountability.

Tariff
Add Rate

News Archive

Inside The New Nation

Cricket »

BD lose to NZ in third ODI


Sports Reporter :Despite Sabbir Rahman's century Bangladesh lost to New Zealand by 88 runs in the third and last One Day International (ODI) match at Dunedin in New Zealand on Wednesday. New Zealand clinched the ODI series 3-0.Sabbir hit a marvelous 102. His 110-ball innings was laced with 12 fours ...

Editorial »

True spirit of Ekushey must be reflected everywhere


THE nation solemnly remembers the supreme sacrifice of the valiant souls who laid down their lives to establish the right of our mother tongue Bangla as the state language of Pakistan on this day in 1952. As the pioneering movement that led to our ultimate independence, Ekushey invokes the emotional ...

International »

Palestinian President rejects tax money from Israel


Reuters, Ramallah, West Bank :The Palestinian Authority (PA) will no longer accept tax revenues collected on its behalf by Israel following its decision to trim the sum over the PA's financial support of militants' families, Palestinian President Mahmoud Abbas said.The cash-strapped Palestinian Authority, an interim self-government body set up following ...

City »

President of Bangladesh Diploma Student Nurses Union Sadia Akhter speaking at a press conference in DRU auditorium on Wednesday demanding Prime Minister Sheikh Hasina's intervention in resisting conspiracy to ruin nursing education.


.

Entertainment »

Strong and confident female characters attract Kriti Sanon


Actress Kriti Sanon is all set for a superb 2019 with Luka Chuppi, Arjun Patiala, Housefull 4 and Panipat. The characters the actress is essaying are strong-minded and confident as she is drawn towards such empowered characters. Kriti’s role in Bareilly Ki Barfi as Bitti was that of an independent ...

Editorial »

Prevent gas cylinder and pipeline explosions


GAS explosion has become very common in the country nowadays. Even if someone escapes death, the victim has to suffer burn injury or loss of valuable organs. The authorities concerned still did not take any effective step to control such incidents. In the latest incident, seven people including a couple ...

Entertainment »

Malaika Arora opens up about her divorce with Arbaaz Khan


Malaika Arora, who is recently making headlines for her relationship with Arjun Kapoor and the couples social PDA, recently opened up about her divorce with Arbaaz Khan on a radio show. Talking about her divorce she revealed that it was a mutual decision to part ways so that they could ...

City »

BNP Standing Committee Member Dr. Khondkar Mosharraf Hossain, among others, at a discussion organised by Bangladesh Jatiyatabadi Muktijoddha Dal at the Jatiya Press Club on Tuesday demanding release of BNP Chief Begum Khaleda Zia.


.

International »

Pakistan PM urges talks on Kashmir blast, warns India against attack


Reuters, Islamabad :Prime Minister Imran Khan said on Tuesday Pakistan was ready to cooperate with India in its investigation of a deadly bombing in the disputed Kashmir region last week, which India blamed on Pakistan, but warned of retaliation if attacked.Tension between the nuclear-armed neighbors has risen sharply over the ...

Sports »

Al Amin Zumar and Mukhtar Hossain of Daffodil International University receiving the championship trophy of the Inter-University Badminton Tournament and a cheque of Taka 15,000 from Dr Mohammed Farashuddin, Chairman, Board of Trustees of East West University, at the playground of East West University in the city on Monday.


.

Editorial »

Not memorization, students need analytical involvement


ABOUT one lakh students have applied to the Directorate of Primary Education (DPE) of the Primary and Mass Education Ministry for reexamination of their results, claiming that justice will be established if the authorities work properly. Some of students who failed in the examination alleged that they did not get ...

International »

`Crime may have been committed` by Trump: Ex-FBI official


AP, Washington :Former FBI Deputy Director Andrew McCabe said in an interview that aired Sunday that a "crime may have been committed" when President Donald Trump fired the head of the FBI and tried to publicly undermine an investigation into his campaign's ties to Russia. McCabe also said in the ...

Entertainment »

Moury Salim prefers challenging roles


Sheikh Arif Bulbon :Actress of present generation Moury Salim has been engaged with acting for many days. Though she has been busy with acting for long time but could not get the opportunity to work in challenging roles properly or the directors did not utilise her acting quality appropriately. On ...

Cricket »

Girona beat Real Madrid


BBC Online :Real Madrid missed the chance to go second in La Liga as Girona came from behind to record a surprise away win on Sunday.Casemiro powerfully headed in from Toni Kroos' deep cross from the right wing to give the hosts a first-half lead.Cristhian Stuani's penalty made it 1-1 ...

City »

Director General of Bangladesh Agricultural Research Institute Dr. Abul Kalam Azad speaking at the inaugural ceremony of a training programme on 'Marker Assisted Selection' at its seminar room in Gazipur on Monday.


.

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news