Tax lawyers for imposing property tax

Tax lawyers on Monday proposed imposing property tax in the forthcoming national budget.

Jatiya Kar Ainjibi Samity president Zakir Hossain said, 'The wealth tax, which was once imposed, has been withdrawn for the benefit of the wealthy people.'

'As a result, the public exchequer has been losing a large amount of revenue every year,' he told a press meet organised by the JKAS, the national forum representing tax consultants, at the National Press Club to present its proposals for the budget 2011-2012.

The association proposed that the National Board of Revenue should re-impose a 10 per cent tax on sale of land to increase the government's revenue earnings.

JKAS executive president Akmal Hossain read the paper containing the proposals, with Zakir Hossain presiding over the meeting. ZKAS

advisers Jamirul Akter and Ahmed Ali Shiekh, vice president Azmol Hossain, general secretary Abdul Aziz Sarker, and joint secretary general Kazi Arefin Zahan were also present on the occasion.

The association recommended that the government should take an initiative to press the country's stock exchanges to provide all their information to the NBR. 

'The government, the people, and the NBR are not sure about the sources of the thousands of crores of taka invested in the capital market by the big investors,' Zakir remarked in this regard.

The JKAS proposed bringing those who had abused and misused the facility of importing duty-free cars to book.

'The number of tax payers among the professionals is really insignificant. Currently, thousands of millionaires among the physicians, engineers, lawyers, accountants, and consultants are out of the tax net,' Akmal Hossain said.

He recommended that the government should make the professionals aware of their obligation to pay tax.

The JKAS recommended increasing the ceiling of tax-free income to

Tk 2 lakh per year, considering the cumulative rise in livelihood expenditures.

It also proposed introducing tax identification number and imposing a minimum tax of Tk 5,000 to Tk 10,000 on purchase of air conditioner and furniture worth Tk 50,000 and more.

The association also recommended imposing tax on expenses made by non-governmental organisations for paying their employees and also forming a regulatory body for the NGOs.

Source: New Age