More rich Bangladeshis to pay wealth surcharge

Dhaka

The rich in Bangladesh who have been out of the wealth surcharge net in the past several years will be brought under it from fiscal 2018-19 as the revenue authority looks to bring in equity in the system.
As per the new measure, which seeks to levy owners of more than 8,000 square feet residential property, will come under the surcharge net.
The tax authority proposed the changes as it finds that in the absence of valuation of properties based on current market prices, many wealthy persons stay out of the surcharge net by showing the transaction value of their assets acquired decades ago.
In contrast, those who bought flats in recent years had to pay wealth surcharge owing to asset price hike.
“There was a huge discrepancy in this area as valuation of wealth was linked with purchase prices or transaction value,” said a senior official of the National Board of Revenue.—Agencies

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