Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Monday, March 27, 2017 04:55:14 AM
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       Readers ( 64 )   0 Comments
Comments
Share your thought
Post a comment »
Read all (0) »

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.

0 Comments. Share your thoughts also.
Write a comment
Tariff
Add Rate

News Archive

Inside The New Nation

Editorial »

We must prove worthy of people`s supreme sacrifice


THE nation celebrates the 47th Independence and National Day today although we achieved our real independence on the Victory Day on December 16 when the country was freed from Pakistani occupation forces in 1971. March 26th is observed as the day of Declaration of Independence that led the nation to ...

Football »

Mexico`s Jurgen Damm controls the ball during a 2018 Russia World Cup qualifying soccer match between Mexico and Costa Rica at Azteca stadium in Mexico City on Friday. Mexico won the match 2-0.


City »

Liberation War Affairs Minister AKM Mozammel Haque, among others, stands in a solemn silence marking the Genocide Day at Shikha Chirantan (Eternal Flame) in the city's Suhrawardy Udyan on Saturday.


Entertainment »

Aupee Karim returns as host


Entertainment Desk :Famous actress, model and dancer, Aupee Karim is all set to host a show again after a long time. Titled Surjodoyer Gaan, the program she will be hosting will feature five special songs, paying tribute to the martyrs of the Liberation War. The program has been made under ...

International »

Modi befriends Trump as Putin and Xi move closer together


Newsweek :Are we witnessing seismic shifts in the Russia-India-China triangle? It would seem so-but the shifts are long in the making.Historically, Indo-Russian relations have been far stronger than Sin-Russian relations. In recent years, however, and especially since the onset of the crisis in Ukraine in 2014, the dynamics of this ...

International »

Troubled EU seeks unity in Rome on 60th birthday


AFP, Rome : European Union leaders celebrated the 60th anniversary of the bloc's founding treaties at a special summit in Rome on Saturday in a symbolic show of unity despite Britain's looming departure.Meeting without Britain, the other 27 member countries will endorse a declaration of intent for the next decade, on ...

Cricket »

Happy birthday to Shakib Al Hasan


Hadn't he born, Bangladesh cricket team would have deprived of many outstanding victories.Number one all-rounder Shakib Al Hasan, who demonstrated his magical batting and bowling displays many times to ensure victories for the Tigers, stepped into 31st year on Friday.However, he was celebrating his birthday with his teammates in Sri ...

Editorial »

Fire at BB head office raises many questions


THE fire incident at Bangladesh Bank has come as a renewed shock to the nation prompting questions from many quarters how the central bank is falling is so insecure as a highly sensitive establishment from national security perspective. The incident just within one year of the sensational money heist of ...

Entertainment »

Moushumi`s film career turns two eras today


Sheikh Arif Bulbon :On March 25, Friday of 1993, viewers for the first time watched today’s popular film actress Moushumi on the screen in movie Keyamat Theke Keyamat. It was made by Sohanur Rahman Sohan and it was produced under the banner of Ananda Mela Cinema Ltd. Late popular hero ...

City »

Fire fighters making frantic efforts to extinguish the fire which was originated at Rafas Tower in the city`s Karwanbazar on Friday.


International »

Iraqi forces prepare new push, tactics in Mosul as civilians flee city


Reuters, Mosul :Iraqi forces are preparing a fresh push against Islamic State using new tactics, but operations to drive the militants out of their last stronghold in the country are on hold, military officials said on Friday.Families streamed out of the northern Iraqi city during the lull in fighting, part ...

International »

Merkel does not expect more EU departures after Brexit


Reuters, Berlin :Chancellor Angela Merkel does not fear that more countries will leave the European Union, she told a German newspaper as the bloc's leaders prepare to celebrate 60 years of union on Saturday days before Britain files for divorce.Prime Minister Theresa May will next Wednesday launch a two-year countdown ...

Editorial »

We mourn with brave British people who will not waver


THE very fact that Western cities are yet extremely vulnerable to extremists "Lone-wolf" attacks was once again proved on Wednesday when such an attacker drove a vehicle randomly along London's Westminster Bridge towards the Houses of Parliament - killing five including a police officer and maiming innocent bystanders as the ...

Cricket »

Miraz drafted in Tigers' ODI squad


Off-spinner Mehidy Hasan Miraz has been included in the Bangladesh ODI squad for the three-match ODI series against Sri Lanka. Miraz is scheduled to reach Colombo later today, said a BCB press release on Thursday.Meanwhile, off break bowler Naeem Hasan, who made his first class debut for Chittagong Division in ...

City »

Former President of Chhatra League Noor-e-Alam Siddiqui speaking at a discussion organised by 'Prakton Chhatra League Foundation' at the Jatiya Press Club on Thursday marking Flag Day.


 
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