DHAKA: The Real Estate and Housing Association of Bangladesh (REHAB) leaders placed the demands to cut tax by 50 percent at a pre-budget meeting with the chairman of National Board of Revenue (NBR).
Realtors have placed a 10-point demand before the revenue board to consider for the next budget 2015-16.
President of the association, Samsul Al-Amin, and general secretary, Md Wahiduzzaman, were present, among others.
The demands include allowing investors to invest their undisclosed money earned ‘legally’ in the housing sector and slashing gain tax, stamp fee and VAT by 50 per cent.
The demands include halving taxes payable by the developers according to the provision of income tax ordinance section 1984/53 FF.
Besides, re-fixation of taxes against the lands outside of the RAJUK and CDA areas from the existing 4 per cent and 3 per cent to 2 per cent and 1 per cent, tax free import of fire fighting equipments, declaration of tax holiday for non-resident Bangladeshis (NRBs) against their investment in housing sector, relaxation of registration fee of flats and plots by the NRBs also included in the demand.
The leaders said if the demands are met, it will provide lifeline for the trouble-torn housing sector by boosting sales.
“We the housing businessmen have been facing sluggish business for the last few years. Implementation of the recommendations will help create sales flow,” president of REHAB, Alamgir Shamsul Alamin told the FE.
“Multi-billion investments of hundreds of developers have been stuck-up for long for want of customers because of share market debacle, Destiny incident and political uncertainty,” he added.
“We have contributed a significant amount of taxes and duties to the government when the situation was infavour of our business. So the government has to bring it in consideration during our bad time,” Mr Al-Amin said.
General Secretary of REHAB, Md Wahiduzzaman said bank loans of the developers have been increasing day by day as thousands of flats remained unsold for long.
