Allow undisclosed money in real estate: REHAB

Allow undisclosed money in real estate: REHAB

0

Real Estate and Housing Association of Bangladesh (REHAB) on Wednesday demanded among other things the scope to invest legally earned undisclosed money in the real estate sector for five to ten years from next fiscal. They placed the demands during the pre-budget meeting with the National Board of Revenue (NBR).NBR Chairman Ghulam Hossain chaired the pre-budget meeting held at the NBR conference room. REHAB vice president Liakat Ali Bhuiyan placed the demands on behalf of his organization.
Justifying their demand for allowing investment of legally earned undisclosed money in the real estate sector, REHAB leaders said this opportunity will help them to cope with the present deplorable condition in the sector.
They said that if this amnesty is not granted, there is every possibility that huge money will go out of the country. Many countries around the world offer second home scheme to attract investors in their countries in legal way.
“If the government allows the amnesty a good number of people who have undisclosed money will come under the tax net of the NBR and the government will be able to earn a huge amount as tax.”
Liakat Ali Bhuiyan said that since 2011, the government abolished section 19B of the income tax ordinance. In section 19B, it was stated that the buyer need not disclose the source of money while purchasing any land or apartment.
In its meeting with NBR, the REHAB leaders also demanded reducing the registration fees and related taxes to encourage the people pay the fees and taxes on the actual price of land and flats.
They also requested reduction in the gain tax from two percent to one percent and demanded introducing tax holiday for the real estate sector outside Dhaka, metropolitan cities, and cantonment and municipal areas to encourage planned urbanization. UNB

Share.
Loading...
Loading Facebook Comments ...