Property Tax for property valued over Tk 50 lakh

Citizens of Bangladesh having property worth more than Tk 50 lakh will have to pay tax, National Board of Revenue (NBR) said on Tuesday.

The new tax, styled as ‘Property Tax’, will be slapped primarily on people living in the metropolitan areas.

“Primarily the tax will be imposed on owners of lands and buildings in the metropolitan areas,” Aminur Rahman, a member of the NBR, during a discussion on the policy with the stakeholders at a city hotel.

The property tax will be fixed on the value of property as per its market price, he said.

He did not disclose any amount when journalists asked for so as an example.

The NBR member said the revenue watchdog will form a separate specialised unit in this regard.

Finance Minister AMA Muhith and NBR Chairman Nasiruddin Ahmed were present among others at the meeting.