Real Estate and Housing Association of Bangladesh urged the government to allow unconditional investment of untaxed money in the housing sector to rein in illegal capital flight.
The apex organisation of the real estate sector came up with the call at a media briefing arranged to disclose “Rehab Winter Fair 2015” in the capital yesterday.
REHAB will host a five-day Winter Fair 2015 from December 23 to December 27 at Bangabandhu International Conference Centre (BICC) in the capital.
Housing and Public Works Minister Engineer Mosharraf Hossain will inaugurate the fair on December 23.
“According to Global Financial Integrity (GFI) report, about Tk76,000 crore have flown out of Bangladesh in 2013. REHAB believes that the untaxed money is being siphoned,” said Rabiul Haque, senior vice-president of REHAB.
If the government allows investment of untaxed money in the housing sector without any conditions, it will help stop capital flight and boost the sector, contributing to the country’s economic growth and enhancing revenues, said Rabiul.
The real estate sector is going through a bad patch, i.e. political unrest, lack of long-term single digit loan, suspension of gas connectivity and lack of sound policy, he observed.
A total of 150 companies will participate in the fair, with 13 organisations co-sponsoring the event. The fair will remain open from 10am to 9pm every day while the entry fee will be Tk50 for per person.
REHAB Vice-President Liakat Ali Bhuiyan and Director Md Sarwardy Bhuiyan were present at the press briefing.
