The Supreme Court has ruled that collection of surcharge will not be stopped from the rich people who have property worth more than Tk2 crore.
A five-member Appellate Division bench lead by the acting Justice Md Abdul Wahhab Miah passed the order on Thursday.
The bench passed the order after hearing a leave-to-appeal petition filed by several businessmen challenging a High Court verdict.
In 2015, the High Court in a judgment had declared that imposition of additional tax as surcharge for the wealthy people is constitutional.
According to the Income Tax Ordinance-1984, surcharge or wealth tax is applicable on having net asset worth above Tk2 crore to up to Tk10 crore at 10%, while 15% surcharge for net assets up to Tk20 crore, 20% for up to Tk30 crore while 25% for above Tk30 crore.
This article was first published on Bangla Tribune