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Budget FY19: Surcharge proposed on owners of 2 cars, city house

  • Published at 08:41 pm June 7th, 2018

The existing rates of surcharge proposed to remain unchanged

Individuals having two motor cars or house property with an aggregate area of 8,000 square feet in a city corporation will come under the purview of wealth surcharge.

Finance Minister AMA Muhith made the proposal while placing the national budget for the fiscal year 2018-19 in parliament on Thursday.

The existing rates of surcharge proposed to remain unchanged.

The minister mentioned that wealthy individuals in Bangladesh paid a surcharge based on their disclosed net wealth. This provision of surcharge had been in effect for the last few years.

"Surcharge on individual taxpayers plays an effective role in controlling the risk on increasing income and wealth inequality in society that arises from economic development of the country."

Muhith on Thursday tabled a Tk4,64,573 crore budget for the next fiscal year with a GDP growth target of 7.8%.