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Jump in holding tax to burden owners most

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14th-Oct-2017       
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HOUSEHOLD owners are protesting against the holding tax increase. Calling the revised tax amounts as higher than rational, some house owners have alleged that the City Corporation officials are fixing higher tax with their ill motives. Two City Corporations of Dhaka have increased the holding tax on the dwellers of the capital. In some cases, the rate of increase is three to 10 folds. The increase of holding tax has put the city dwellers in trouble.
The house owners also suspected that a section of officials demanding bribe to reduce their holding tax after they made the upward revision. Not only in Dhaka, but also people of all classes living in Chittagong city have protested and expressed their grievances over the unnecessary increase in holding taxes by Chittagong City Corporation (CCC).
Holding tax system means a building or land owner has to pay tax on the revenue earned from the property. That means the owner has to pay a specific rate of tax from the rent or from the revenue earned by commercially using the property.
Holding tax is based on annual assessment of the building, complex, 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% of the total rent if the owner is staying in any part of the property. Land owners were paying 12% tax under this assessment till now. In 2000, the owners had to pay 7% tax only on the building. In 2009, it was raised to 12% after adding 2% for waste management and 3% for the street lights.
The most recent move to adjust tax began on 8 August and the process is expected to complete by December next. Once the new rates come into effect, the two City Corporations will earn revenue amounting to about Tk 10 billion, more than double the current amount of Tk 4.62 billion. However, Chairman of Consumers Association of Bangladesh (CAB) Ghulam Rahman said the revision of holding tax will create certain pressure on the house owners.
We hope that both the City Corporations will rethink about the increase of holding tax. City corporations should work towards making the life of its dwellers easy; not to increase their sufferings.

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