Withholding tax cut proposed for real estate

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If implemented, it is expected to encourage people to buy small flats of apartments.

Proposing the cut in the budget for 2016-17 in parliament today, Finance Minister AMA Muhith said the plan is to relieve big cities, including Dhaka, of the pressure of excessive population.

He proposed to rationalise rates and to introduce progressive rates in withholding taxes. At the same time, to combat tax evasion, he proposed auditing of withholding tax returns and increasing its monitoring.

Muhith said Bangladesh is one of the most densely populated countries in the world where people everyday rushing towards the city centres to find employment or higher income. As a result, the big cities are facing the pressure of excessive population.

“If we can make the district level towns more attractive with planned housing and commercial establishments, it will reduce unwanted pressure on big cities,” Muhith told the house.

“It will also reduce inter-regional disparity, and provide a space for equality in development.”

Moreover, he said, the government needs to increase the demand for small-houses given the scarcity of land against huge population.


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