Muhith’s assets double in 10 years of his tenure as finance minister

AMA Muhith’s wealth has doubled in a decade of his two consecutive terms in the Awami League government as finance minister.

The outgoing minister revealed the information on his assets after submitting income tax return online from the Secretariat in Dhaka on Monday.

Muhith, who had worked as finance minister in the military government of HM Ershad, was given the same responsibilities in Sheikh Hasina’s cabinet after he won the 2008 election on the Awami League’s ticket.

He has announced retirement and the ruling party has nominated his brother AK Abdul Momen for Sylhet-1 parliamentary seat in the Dec 30 election.

Muhith said his assets were worth a little over Tk 11.48 million when he became finance minister of the Awami League government 10 years ago.

“And now, as of June 30, it has increased to Tk 22.815 million. An increase of Tk 11.3 million, just what it was 10 years ago,” he said.     

His total income from 2008 to 2018 has been around Tk 36.83 million, according to Muhith.   

His taxable income totalled nearly Tk 1.8 million and non-taxable Tk 1.63 million in a year from June 30, 2017.

Now he is paying Tk 227,921 income tax. The cheque he submitted on Monday was worth Tk 62,478, Muhith said.

“My tax return is very low, because I have investments. I pay much less tax from those,” he explained.   

The minister spoke of his contentment over the growing awareness among the people about income tax in past 10 years.

“There has been a psychological change. People did not like tax officers in 2007 or 2008. It has changed dramatically. Now they think they are serving the country and happily offering something for the country. The tax fairs now amaze me,” he said.

The number of taxpayers has jumped to 3.8 million from 1.5 million in three years, according to the finance minister.

“I hope it won’t take too long to reach the 10 million mark,” he said.

“People demand right to information. But tax return is very much private. The rule is – no-one else will know of my one. It’s an individual’s wish,” Muhith said on being asked if other ministers should also reveal their wealth information.

Speaking about the election, he said, “I am not contesting in the election. Now I am taking it easy. I will be 85 after a few days. This is a good time to retire.”      

“How many people do job at my age?” he asked, adding that Malaysia’s 93-year-old Prime Minister Mahathir Mohamad is an exception.

Muhith also said it was for Hasina to pick the next finance minister if the Awami League is re-elected.