The collection of wealth surcharge, known as wealth tax, continued to rise since its introduction.
In fiscal year 2014-15, the National Board of Revenue garnered Tk254.26 crore with 22% rise from the previous fiscal year, the latest official data showed.
The collection in FY2013-14 was Tk208.39 crore.
The wealth tax is imposed on the basis of net assets the taxpayers declare in their income tax returns.
As per the Income Tax Ordinance 1984, an individual with Tk2.25 crore value of net asset is required to pay 10% surcharge on the asset.
The wealth surcharge was introduced in FY2011-12 and the collection increased every year since then.
Data showed the collection in FY2011-12 totalled Tk65 crore and then jumped to Tk101 crore in the following year.
However, NBR officials said the number of wealth taxpayers was still “very low” compared to the actual number of wealthy people in the country.
They said individuals having assets like cars and houses were almost twice the number of existing taxpayers, but bringing them under tax net had always remained a challenge.
Officials said most of the taxpayers undervalued wealth in their income tax returns.
According to them, the wealth value is calculated by most taxpayers on the basis of registration value though the actual market value of the asset is higher.
The wealth surcharge rate is 10% for taxpayers who have Tk2.25 crore-Tk10 crore value of wealth, 15% surcharge for net assests up to Tk20 crore, 20% for up to Tk30 crore and 25% for above Tk30 crore.
In the current budget, the government set the minimum surcharge at Tk3,000 for the rich.
According to a survey by the Economic Research Group in 2012, the number of people with Tk2 crore or more value of wealth is 1.05% of the current number of taxpayers.
There are now about 1.75m taxpayers identification number (TIN) holders in the country. Of them, around 1.2m pay tax regularly.
NBR has decided to carry out a survey on the country’s multi-millionaires to find their real number so the tax-evaders among them can be brought under tax net.