Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Friday, June 22, 2018 01:13:51 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

DSCC to update holding tax rates

A move to multiply earning, remove payment discrimination

By
12th-Jan-2017       
Comments
Share your thought
Post a comment »
Read all () »

Mohammed Badrul Ahsan :
The Dhaka South City Corporation (DSCC) is set to multiply its earnings from holding tax through updating its decades-old holding tax rates, sources said.
The move came also to remove existing discrimination in their payment system, they added.
Holding tax is the major source of earning for the city corporation from where the DSCC earned Tk 1.75 billion out of the total revenue earning Tk 3.02 billion in the financial year (FY) 2015-2016.
The DSCC sources said the revenue-starved local government body can raise its earnings from the holding tax (holding, cleaning and lighting) sector by more than two times.
Keeping the assessment in consideration, the DSCC has set a target of over Tk 5.0 billion from the area in FY '17 against projection of Tk 2.85 billion in FY'16.     
However, to this effect the DSCC has initially started assessing the dwellers' holding tax payments in its Zone-1 and Zone-2 from October 2. It will later be extended to other zones in phases, they said.
When contacted, DSCC Mayor Mohammad Sayeed Khokon said they took the move to bring uniformity in holding tax rates as owners of similar type of property are paying taxes at different rates.
"We'll not raise holding tax rates…we will just bring uniformity and fairness in the existing tax structure, which has not been reassessed during the last 27 years and we want cooperation of our conscious citizens," he added.
DSCC sources said it did not reassess tax rates of a large number of holdings since 1989, creating unfair tax structures for the residents.
Seeking anonymity, a senior DSCC official said under the existing rate, property owners in the same area are now paying different rates of holding tax.
Such rates for the establishments that were built before 1989 were not reassessed over the years, giving rise to discrimination, he said.      
According to the rule 21 of The Municipal Corporations (Taxation) Rules-1986, "a new valuation list shall, unless otherwise ordered by the government, be prepared in the manner specified in the rules once in every five years."
The discriminatory tax structure has also created a serious problem to the revenue-earning process as property owners under the DSCC often complain or feel discouraged in clearing taxes, citing discriminatory rates of same-value property, he said.
The official said some 80,000 holdings in Zone-1 (7, 16, 17, 18, 19, 20, 21) and Zone-2 (1, 2, 3, 4, 5, 6, 8, 9, 10, 11, 12, 13) will be reassessed as part of the move.
Meanwhile, a building or land owner has to pay tax on the revenue earned from the property. It means the owner has to pay a specific rate of tax from the rent or from the revenue earned commercially using the property.
Holding tax is based on annual assessment of a building, complex and flat.
According to section 20 (3) of the 1986 tax law, the tax is fixed after deducting rent of two months from the total income as maintenance costs and also deducting the annual interest of any loan taken from Bangladesh House Building Corporation, any listed bank or from any other authorised financial organisation under the 'Registered Mortgage Deed', or after deducting 40 per cent of the total rent if the owner is staying in any part of the property.
Land owners were paying 12 per cent tax under this assessment till now.
In 2000, the owners had to pay 7 per cent tax only on building. In 2009, it was made 12 per cent after adding 2 per cent for waste management and 3 per cent for the street lights, according to the DSCC sources.

Tariff
Add Rate

News Archive

Inside The New Nation

Editorial »

Addressing the causes of people`s displacement is the real option for tackling the refugee crisis


LIKE many other countries, World Refugee Day was observed in the country on Wednesday at a time when the world's third largest refugee group Rohingya is living in the overcrowded camps in Cox's Bazar. The UNHCR reported that 68.5 million people are living in different refugee camps across the world. ...

Football »

Denmark`s Christian Eriksen is congratulated by his teammate Yussuf Yurary Poulsen after scoring the opening goal during the group C match between Denmark and Australia at the World Cup match in Samara, Russia on Thursday. Denmark, Australia match ended 1-1 draw.


Football »

Spain's Diego Costa (right) celebrates with his teammate Isco after scoring his side's opening goal during the group B match between Iran and Spain at the 2018 soccer World Cup at the Kazan Arena in Kazan, Russia, on Wednesday.


Entertainment »

Neetu to ring in her birthday with Rishi Kapoor in Paris


Neetu Kapoor will soon be turning 60 on July 8 and if the latest reports are to be believed, the actress already has special plans. Neetu Kapoor will soon be flying to Paris to ring in her birthday with husband Rishi Kapoor, son Ranbir Kapoor, daughter Riddhima Kapoor Sahni and ...

Entertainment »

Salman to kick-start the shooting schedule of Bharat on July 17


Priyanka Chopra and Salman Khan are ready to be seen together on the big screen after a decade in Bharat. The film also stars Disha Patani and is an adaptation of South Korean film, Ode to My Father. Directed by Ali Abbas Zafar, this project has been in the limelight ...

National »

SYLHET: Leaders of Bangladesh Bar Council, Sylhet District Unit greeting Finance Minister Abul Maal Abdul Muhith MP during his visit in Sylhet recently.


International »

Erdogan seeks new term with greater powers


AP, Ankara :Since he took office in 2003, President Recep Tayyip Erdogan has given a name to each stage in his consolidation of power in Turkey. First he called himself the apprentice; then the journeyman; and latterly the master. Now, he says a new five-year term would elevate him to ...

City »

City-bound passengers returning after celebrating Eid-ul-Fitr with their near and dear ones at their ancestral homes. The snap was taken from Mawaghat on Thursday.


Entertainment »

Race 3 inches towards Rs 200 cr mark


Salman Khan's film Race 3 is unstoppable. The film, which hit screens on June 15, is giving all sorts of reasons for the star cast to celebrate. The Remo D'Souza directorial had already crossed the benchmark of Rs 100 crore at the Indian box office. But interestingly, the Salman fever ...

Editorial »

Unfortunately government has no political leadership to restore peace in Chattogram Hill Tracts


THREE more activists of Parbatya Chattogram Janasanghati Samity (MN Larma) and United People's Democratic Front (Democratic) were shot dead at their homes in Rangamati and Khagrachhari districts between Friday and Sunday. Conflicts between different groups in Chattogram Hill Tracts have led to the death of at least 22 people in ...

Business & Economy »

Shibbir Mahmud, Chairman, Board of Directors of Islamic Finance and Investment Limited, presiding over its 236th meeting at its head office in the city recently. AZM Saleh, Managing Director, Rezakul Haider, Anis Salahuddin Ahmad, Vice-Chairmen, Anwar Hossain Chowdhury, EC Chairman, Md. Jahidur Rahman, Audit Committee Chairman, SM Bakhtiar Alam, Hossain Mahmud, Liaquat Hossain Moghul and KBM Moin Uddin Chisty, Directors of the company were also present.


International »

China-N Korea joint efforts to bring peace, stability in Korean peninsula, hopes Xi


Reuters, Beijing : Chinese President Xi Jinping told visiting North Korean leader Kim Jong Un on Wednesday that with the joint efforts of the two countries, the Korean peninsula will definitely be peaceful and stable, official news agency Xinhua said.Xi made the comments during a meeting at Beijing's Diaoyutai state guest ...

Football »

Putin missed Russia-Egypt match but 'happy' at win


AFP, Moscow :The Kremlin on Wednesday said Vladimir Putin did not watch Russia's surprise win over Egypt in the World Cup because he was on a plane but added that he reacted "very positively, like the whole of our country".  "Unfortunately, he did not watch the match itself. It so ...

City »

BNP Standing Committee Member Barrister Moudud Ahmed speaking at a prèss conference at the party central office in the city's Nayapalton on Wednesday in protest against his confinement by police in Noakhali.


Editorial »

Death of another prosecution witness : Too difficult to accept as an accident


NO sooner had the Eid vacation come to an end but another murder shocked us all. The decapitated body of Sumon Zahid, a witness in a war crimes case and also the son of martyred journalist Selina Parvin was found dead in the capital's Khilgaon the day before yesterday. There ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news