Consumers’ body demands stern measures against loan defaulters in next budget- THE BUSINESS STANDARD

A consumer rights organisation has urged the government to take tough measures against loan defaulters in the upcoming budget for the fiscal year 2023-24.

At a press conference held At the Jatiya Press Club on Thursday, the Voluntary Consumers Training and Awareness Society (Vocta) also called for inflationary measures, as well as revoking the scope of whitening black money, reads a press release on Thursday.

The non-profit organisation’s Executive Director Khalilur Rahman Sajal and its Chairman Dr Hossain Uddin Shekhar, and directors were present at the event.

“The existing unethical tax provisions that allow the whitening of black money or repatriation of laundered money have become a farce in the country,” said Khalilur Rahman Sajal.

“The repeated practice of legalising black money has only encouraged further money laundering and thus the next national budget should scrap such provisions while laying out steps to forcibly recover laundered money,” he added.

He demanded a policy that will force businesses to use computer technology so that tax evasion at all levels of production activities including raw material use, production and marketing can be monitored.

Sajal also asked the government to avoid new tax regimes that would inevitably heighten the inflation pressure already weighing on the general people. Import taxes on commodities like rice, lentil, sugar and edible oil and value-added tax rates should be fixed at tolerable levels.

At the same time, speedy disposal of cases filed by the Competition Commission against dishonest profit-hungry businessmen who employ unfair marketing practices to manipulate consumer prices would send a strong message to market manipulators, he said.

Sajal emphasised implementing a surplus budget for the fiscal year starting in July by focusing on a higher employment rate, higher wages, greater production activities and less demand.

The government should also keep subsidising fertilisers for farmers to help ensure food security, despite potential pressure from development partners to reduce subsidies, he said.

Prices of drugs and medical equipment should be brought under control and if necessary, fund allocations should be made for the country’s consumer rights organisations, Sajal added.