Prompt action has to be taken against corruption, including fines for stock market manipulation, said Finance Adviser Salehuddin Ahmed.
Speaking at the annual conference of the International Business Forum of Bangladesh (IBFB) held at a hotel in Gulshan on Sunday (15 December), he remarked on the rampant corruption in the country, stating, "Theft and corruption occur in many nations, but the scale of corruption seen in Bangladesh is unparalleled."
Addressing the issue of market inflation, the adviser observed that even though taxes have been reduced, essential commodity prices remain unchanged. He further noted that while the perpetrators of extortion may have changed, the practice itself persists.
He also said Bangladesh's star all-rounder Shakib Al Hasan should have been fined two years ago for his involvement in stock market manipulation.
The adviser also stressed the necessity of penalising Shakib Al Hasan earlier for his role in market manipulation.
A report by the Bangladesh Securities and Exchange Commission (BSEC) in 2022 linked Shakib to allegations of stock market manipulation. Subsequently, on 24 September this year, the BSEC fined the cricketer Tk 50 lakh for his involvement.
On fiscal policy, Salehuddin Ahmed announced that incentives for businesses would be scaled back in the 2025–26 budget.
"It is not feasible to provide such incentives indefinitely," he asserted, adding that businesses must pay logical taxes to sustain economic stability.
He also elaborated on plans for reforming the tax system, separating tax policy from its implementation to enhance efficiency and accountability.
The adviser's remarks come amidst broader discussions on curbing corruption, enforcing financial discipline, and fostering transparency in the country’s economic landscape.
