Dhaka, Mar 27 (V7N) -The National Board of Revenue (NBR) plans to bring the income of political parties under taxation from the next fiscal year.
At the same time, it is also considering the cancellation of certain existing tax exemptions for the Prime Minister, ministers, members of parliament, and judges.
Responsible sources have stated that these changes may be implemented based on the recommendations of a special NBR task force.
Questions about the source of political parties' funds
Experts believe that the income and expenditure records of political parties have long remained unclear. Although political parties submit their annual audit reports to the Election Commission, the actual income is often significantly underreported.
Dr. Iftekharuzzaman, Executive Director of Transparency International Bangladesh (TIB), stated that imposing taxes on the income of political parties would be logical. He emphasized the need to disclose the true financial records of these parties.
Currently, there are more than 50 registered political parties in Bangladesh. Recently, new parties have been organizing large-scale Iftar events and other expensive activities, raising questions about the sources of their funds.
Tax exemptions reduced for the Prime Minister as well
At present, the basic salary and honorarium of the Prime Minister, ministers, members of parliament, and Supreme Court judges are taxable, but their other allowances remain tax-free. However, ordinary citizens and private-sector employees are required to pay taxes on all types of income, depending on the source.
The NBR task force has recommended imposing taxes on the festival allowances and other benefits of ministers and MPs to ensure tax equality.
NBR policymakers believe that the tax-free income of political parties has, at times, facilitated money laundering and the whitening of undisclosed funds. Therefore, bringing political parties under the tax system would ensure financial transparency and accountability.
These changes are expected to be included in the upcoming national budget. However, the final decision will be made by the Chief Adviser of the interim government and the Finance Adviser.
Comment: