Economics
Close all loopholes for tax evaders despite their ability to pay
At the current stage of our country's economy, achieving revenue targets necessitates the introduction of a "push factor." No matter the cost, there must be a strong effort to elevate revenue collection to the desired level. A significant number of people who are eligible to pay taxes have yet to be included in the tax network. On the other hand, efforts are being made to bring into the tax and customs framework sectors that should be taxed but currently aren't. In both cases, there is a need to move forward with a refined and reformed plan to create or implement a taxpayer-friendly and automated incentive-based system. In other words, for those who are capable of paying taxes but aren't, we must encourage them while simultaneously closing all loopholes that allow tax evasion. Effective measures must be taken to remove any obstacles or complexities that exist in the tax payment and collection processes.
Taskforce needed to repatriate laundered money
Several days have passed since the interim government was established under the leadership of Dr Muhammad Yunus. The Interim Government faces an ongoing challenge: to create a stable environment for import and export activities, increase foreign exchange reserves and revenue collection, ensure a steady supply of daily necessities, control commodity prices, combat inflation, and tackle widespread bribery and corruption. Additionally, it must address the issue of defaulted loans and restore order in the banking sector. Among the significant concerns during the Awami League government's tenure were corruption and money laundering. This discussion will focus specifically on money laundering and the repatriation of illicit funds. The current financial adviser, Saleh Uddin Ahmed, who previously served as the Governor of Bangladesh Bank, and Governor Ahsan H. Mansoor, a renowned economist, have both contributed regularly to various newspapers on banking sector issues and macroeconomic policies. Their expertise is expected to play a crucial role in restoring economic order.
It's time to harness students’ energy for developing social capital
When students unite, they can accomplish the impossible, and the student community of the country has once again proven this. The student movement demanding quota reform in government jobs ultimately led to the resignation and departure of Bangladesh’s most powerful leader after 16 years in power – something unthinkable just a short while ago. This movement was initially dismissed with negative comments and ridicule from the highest levels of government. Yet, students have demonstrated that when united and unwavering in their goals, they can overcome any challenge.
Depositors must have confidence in bank management
The weak and troubled banks will no longer be supported by printing money. Shutting down banks suddenly or printing money to solve the problem is not the way forward. There are no plans to cancel the 1,000-taka note, so there should be no rumors about it. However, the dissolution of the boards of directors of weak banks is under consideration
Time to reform the banking sector is now
In the context of a political shift, the country has entered a new era. Under the leadership of Nobel Peace Prize laureate and internationally renowned economist Dr. Muhammad Yunus, a 17-member interim government has assumed the responsibility of governing the state. The primary duty of this interim government is to hand over power to a newly formed government based on the people's mandate through a fair and acceptable national election.
Interim government must implement economic reforms despite political pressure
After Prime Minister Sheikh Hasina’s resignation, the country was effectively without a government for four days. During this period, a group of miscreants caused widespread destruction in various locations, resulting in significant loss of life and property. In his speech, the Army Chief stated that every killing will be brought to justice. As citizens, we also demand that those responsible for each murder and the destruction of state infrastructure be identified and brought to justice. It must be ensured that no wrongdoer escapes punishment, while also ensuring that innocent individuals are not wrongfully punished or harassed.
Overcoming damage to restore an investment-friendly economy
In the wake of the student movement aimed at reforming the quota system, Prime Minister Sheikh Hasina has resigned and left the country. This event marks a significant moment in Bangladesh's political history. The students began their peaceful and non-violent movement on July 1, seeking quota reforms. However, the movement later turned violent. By mid-July, the protests had escalated to violent attacks on key state establishments, including the Bangladesh Television Building, the metro rail, and the Roads and Highways Department. There is debate over who exactly carried out these attacks, as the students claim they were not involved in any attacks on state property. Hence, it is difficult to determine the exact culprits.
Bangladesh in 'Red' list on World Bank's food security index
The World Bank has published a list considering food inflation in various countries, taking into special consideration the food inflation situation of the last 10 to 12 months in the countries ranked last. This reveals the direct impact of the COVID-19 situation and the post-Ukraine war on global high inflation. There was not a single country in the world that did not face high inflation during this period. Overall, every country dealt with high inflation. Even the world's number one economic power, the United States, struggled with high inflation. At one point, the US inflation rate reached 9.1%, the highest in 40 years. The global supply chain disruption caused by the Ukraine war primarily led to such a surge in inflation. During this time, the Federal Reserve Bank of America (Fed) was forced to make the risky decision of increasing policy rates. Over the past two years, the Fed has raised the policy rate at least 13 times. Although there were concerns that increasing the policy rate would slow down investment activities, the Fed took this step to control inflation and reduce public suffering.
Economic devastation: How much longer?
Following the High Court's order to reinstate quota benefits in government jobs, a nationwide student movement erupted, demanding quota reforms. This movement significantly disrupted the country's economy and transportation systems. Particularly in mid-July, the protests intensified, resulting in widespread casualties and property destruction. According to the Home Minister, as of July 29, 147 people have died due to the protests, most of whom were university and college students. However, unofficial sources claim the death toll is 219. Such a high number of casualties due to student protests has not been witnessed in the 53 years since Bangladesh's independence, nor during the Pakistan era.
No alternative to practicing ethics in banking sector
As an economist, I have always strived to move beyond theoretical studies and actively engage in implementing development ideas at the grassroots level. Inclusive development has always been at the center of my research. The opportunity to make economic practice relevant for the welfare of the common people is rare. Nonetheless, I have always been eager to apply my research experiences if given a chance in policy-making. In the late 1990s, an opportunity arose when I served as the Chairman of Janata Bank. I had nearly two years to realize the slogan "Janata Bank for the People" and to open up financial transactions for farmers and small entrepreneurs under the initiative "Janata Bank in Every Home." I also focused on bringing banking services closer to the masses by introducing digital technology and internship programs to engage the youth. The way the CEO and all bankers at that time came forward to establish participatory and humane banking was unparalleled. As a result, the bank became the number one bank in Bangladesh by all indicators.
Trending Views
