SC: Surcharge on property worth more than Tk2 crore

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