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DATE PUBLISHED: 1398/10/03 - 20:14:3
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Document: MoF Asks Govt-Run Bank to Pay Taxes in Advance

A letter seen by TOLOnews shows the Ministry of Finance (MoF) needs funds for major national projects and has asked the government-run Bank-e-Millie Afghan (BMA) to transfer 800 million Afs (over $10 million) to the ministry.

The ministry has asked for the money as a prepaid tax, not a loan, the document shows.

The bank officials did not comment on the document but sources from the bank said the money has been transferred to the Ministry of Finance.

The Ministry of Finance said the process was done based on the law.

"Bank-e-Milli is a state bank. Ninety-five percent of its share goes to the Ministry of Finance. We get income from this bank based on the share we have in it, and, meanwhile, about the taxes: This bank is one of the biggest taxpayers. Therefore, there is no violation in this issue and it is totally based on the law," MoF spokesman Shamroz Khan Masjidi said.

Critics said this act by the ministry is in contravention of the law.

"This is not legal. Eight hundred million Afghanis is not a small amount of money, it is a big amount and it can even put the bank in jeopardy of bankruptcy," said Salim Toofan, a banking affairs analyst.

The letter mentions that the money will be counted towards the bankís taxes in the upcoming years.

Others said the bank will be bankrupted if the ministry does not send the money back.

"When the country faces a lack of money, one solution is to take money from the bank and return it at a proper time, but if it does not return it the bank will face a problem," university lecturer Ebadullah Raufi said.

Some MPs said many issues are hampering the financial system in the banks and ministries.

"There are many problems both in the banks and ministries. Have they implemented these projects? Many of these projects do not exist. Some projects that have been considered are not for the publicís benefit," said Nasima Niazi, an MP.

The letter was sent to the bank on September 18.

 

LINK: https://www.ansarpress.com/english/12267


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