B Mirror Desk : The fiscal year 2025–2026 budget calls for permitting black financing in certain industries. This includes the chance to buy land, buildings, homes, apartments, and floor space. The tax rate might be raised up to seven times in this situation, though.
Specifically, the existing maximum tax rate of 15,000 taka per square meter on land in upscale Dhaka neighborhoods including Gulshan, Banani, Dhanmondi, and Motijheel might be raised to 100,000 taka. Concerned individuals think that this could influence the land and property auction process and enhance the likelihood that the true value will be displayed.
Nonetheless, Dr. Iftekharuzzaman, the Executive Director of Transparency International Bangladesh, has expressed his disapproval of the proposal, stating that it contradicts Article 20(2) of the Constitution. He argued that such a system promotes corruption and undermines the rule of law.
Conversely, the NBR Chairman mentioned that there is an intention to raise the tax rate by increasing it instead of completely eliminating it, in response to the requests of real estate traders. Furthermore, it has been suggested to lower the registration standard to encourage the declaration of the actual value during the registration of land and flats.
Alongside the imposition of a 15% VAT on plastic tableware and kitchenware, the budget also suggests raising the supplementary duty on commercially imported cigarettes from 150% to 300%.
Finance Advisor Dr. Salehuddin Ahmed is scheduled to present the budget on June 2.
