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10% surcharge on owners of 2 cars

Published : Thursday, 7 June, 2018 at 5:59 PM  Count : 1203

10% surcharge on owners of 2 cars

10% surcharge on owners of 2 cars

The government has proposed a 10 percent surcharge on any individual who own two cars or about 8,000 square feet of residential property under city corporation areas.

Finance Minister AMA Muhith made the proposal while presenting budget for FY 2018-19 in Jatiya Sangsad on Thursday.

"Wealthy individuals in Bangladesh pay a surcharge based on their disclosed net wealth. This provision of surcharge has been in effect for last few years. Surcharge on individual taxpayers plays an effective role in controlling the risk on increasing income and wealth inequality in the society that arises from economic development of the country," he said.

“I propose some small reforms by imposing a surcharge on individuals who own two motor cars or house property with an aggregate area of 8,000 square feet in a city corporation,” Muhith said.

The existing rates of surcharge proposed to continue unchanged, the minister added.

Muhith also proposed a minimum surcharge amounting to Taka 3000, where net wealth of an individual exceeds Taka 2 crore and 25 lakh and a minimum surcharge amounting to Taka 5 thousand for individuals who have a net wealth exceeding Taka 10 crore.

In addition, 2.5 percent surcharge on the manufacturers of cigarette, bidi, zarda, gul and other tobacco products will remain unchanged.

Related Topics

10%   surcharge   owners   2   cars  

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