Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Saturday, February 25, 2017 01:33:29 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 ( 45 )   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 »

VIPs should concern with public safety, not their own special safety


IN a bid to boost the existing security facilities to our VIPs - Ministers, Members of Parliament, state Ministers, Deputy ministers and judges for that matter - the government is about to form a special police unit. The police headquarters have submitted a proposal to the Home Ministry in this ...

City »

Secretary of Rural Development and Cooperatives Division Dr Proshanto Kumar Roy, among others, at an orientation on 'Role of One House, One Farm in Achieving SDGs' in CIRDAP Auditorium in the city on Friday.


.

Entertainment »

Is Deepika doing the remake of Mr & Mrs Smith?


Bollywood actress Deepika Padukone on Thursday negated the reports that she was doing the official remake of Hollywood movie Mr & Mrs Smith. “Well, let’s set the record straight because there have been a lot of rumours regarding a lot of films I am supposedly doing. I think usually there ...

Cricket »

O`Keefe, Smith flatten India on day 2 in 1st Test


AFP, Pune :Left-arm spinner Steve Keefe grabbed a career-best haul of 6-35 to put Australia on top before skipper Steve Smith compounded India's misery with an unbeaten fifty in the first Test in Pune Friday.The visitors reached 143-4 at stumps on day two, which saw a total of 15 wickets ...

International »

White House adviser asks FBI to refute Russia story


AP, Washington :White House chief of staff Reince Priebus asked a top FBI official to dispute media reports that President Donald Trump's campaign advisers were frequently in touch with Russian intelligence agents during the election, a White House official said late Thursday.The official said Priebus' request came after the FBI ...

International »

Putin wants to stabilise Syria's 'legitimate' power


AFP, Moscow :Russian President Vladimir Putin said Thursday that Moscow's goal in Syria was to "stabilise the legitimate authority" and strike a "decisive blow" against terrorism."We have no plans to interfere in Syria's internal affairs," he told a group of naval officers returning from Syria, where six years of war ...

Editorial »

Mr Trump`s `demonising` policies threatening world peace


THE mass deportation that President Donald Trump has pressed in the past several days is only spreading fear and dividing the American nation. The Amnesty International's annual report, presented last Wednesday in Paris has objectively pointed out how the US President Donald Trump and some others like Philippine President Rodrigo ...

Football »

A moment of the Dhaka Metropolis Saif Power Tec Second Division Football League between City Club and Shantinagar Club at the Bir Shreshtha Shaheed Sepoy Mohammad Mostafa Kamal Stadium in Kamalapur on Thursday. City Club won the match by 6-1 goals.


Weekend Plus »

Horoscope of the week


Aries (Mar 21-Apr 20):  You may encourage those who are sincere and devoted by using unconventional methods and tactics, or by agreeing to discuss your real intentions. Such tendencies are supported by the fact that your romantic charms and social skills will be at their most effective.Taurus (Apr 21-May 21): ...

Weekend Plus »

Prof Hassan Shaheed Suhrawardy: Forgotten pride


Sunil Bandopadhaya :The Art Advisory Committee for the decoration of the first three buildings of the UNESCO Headquarters in Paris, which were officially inaugurated in 1958, held its first session from May 16 to 18, 1955. It included Herbert Read, Professor Hassan Shaheed Suhrawardy, then Pakistan’s Ambassador to Spain. Suhrawardy ...

Entertainment »

Mental health as important as physical health: Demi Lovato


Singer-actress Demi Lovato, who has been vocal about her battle with bipolar depression, believes that mental health is "just as important as physical health".Inspired by her own travails with mental health, Lovato recently served as an executive producer of a documentary called "Beyond Silence", which follows three individuals - Jeff ...

Weekend Plus »

Strawberry Chocolate Brownies


Ingredients250g - Dark chocolate250g - Unsalted butter360g - Caster sugar5 - Eggs5ml - Vanilla extracts100g - Strawberry chocolate (chopped)50g - Chopped nuts65g - All-purpose flour1 tsp - Baking powderFor GarnishFresh strawberriesVanilla ice creamChocolate garnishMethodPreheat the oven to 170 degree celsius.* Line a 24cm square baking tin with greaseproof paper.* Melt ...

SKETCH »

Amar Ekushey Book Fair


Sheikh Arif Bulbon :The month-long Amar Ekushey Boi Mela is going on in the capital amid foolproof security which began on February 1. Some days have already gone since its beginning. This time the Boi Mela takes a different look. This year the extent and range of the Boi Mela ...

International »

Syria`s warring sides trade fire as peace talks convene


Reuters, Beirut :Syrian warplanes carried out air strikes on rebel-held areas in Deraa, Hama and Aleppo provinces and insurgents fired rockets at government targets on Thursday, just as peace talks were set to resume in Geneva after a 10-month hiatus, a war monitoring group said.However, the overall level of violence ...

Sports »

India men`s and women`s Rollball teams, the champions of the men`s division and women`s division of the 4th Rollball World Cup pose for a photograph at the Shaheed Suhrawardy Indoor Stadium in Mirpur on Wednesday.


 
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