A 10 percent surcharge has been proposed on people owning more than one car and at least 8,000 suqre feet of residential property in the city corporations.
Finance Minister AMA Muhith recommended it while presenting the national budget for fiscal 2018-19 on Thursday.
“I propose some small reforms by imposing a surcharge on individuals who own two motor cars or house property with an aggregate area of 8,000 square feet in a city corporation,” he said.
The previously existing surcharge rates would remain unchanged, added the minister. “The surcharge on individual taxpayers plays an effective role in controlling the risk on increasing income and wealth inequality in society arising from economic development,”
The finance minister also proposed a minimum surcharge of Tk 3,000 for individuals with a net wealth greater than Tk 2.25 million and a minimum surcharge of Tk 5,000 for individuals with a net wealth exceeding Tk 10 million.
Net wealth | Surcharge (as percentage of income tax) |
Up to Tk 2.25 million | Nil |
Over Tk 2.25 million to Tk 5 million | 10 percent |
Over Tk 5 million to Tk 10 million | 15 percent |
Over Tk 10 million to Tk 15 million | 20 percent |
Over Tk 15 million to Tk 20 million | 25 percent |
Over Tk 20 million | 30 percent |
