Housing and Public Works Minister Engineer Mosharraf Hossain has supported realtors’ demand for allowing untaxed money investment unconditionally in the housing sector to rein in capital flight.
“Unconditional investment of untaxed money should be allowed in the real estate sector to build or buy flats for containing capital flight,” said the minister while inaugurating a five-day REHAB Fair 2015 in the city yesterday.
He said legal binding on the investment of black money in the real estate sector needs to be removed for revival of the sector, which is playing an important role in the country’s economy.
He also advocated for providing a single digit loan to the middle-class and poor people and urged the government to form Tk20,000 crore-Tk50,000 crore fund.
Earlier on December 19, the Real Estate and Housing Association of Bangladesh (REHAB) demanded that the government allow unconditional investment of untaxed money in the sector to stop illegal money transfer from the country.
Since 2010, the housing sector has fallen into trouble due to political unrest, squeezing bank loans and fall of stock market. Shortage of gas and electricity have aggravated the situation.
“Over the last four years, the housing sector is slowing down,” said REHAB president Alamgir Shamsul Alamin.
He said if the black money is allowed for investment in the real estate sector unconditionally, those money might be in the country.
According to Global Financial Integrity report, about Tk76,000 crore have flown out of Bangladesh in 2013.
