Owners of two cars to pay surcharge

Finance Minister AMA Muhith recommended the policy during his presentation of the national budget for fiscal 2018-19 in parliament 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, he said.

Bangladesh has levied a surcharge on persons with net wealth greater than Tk 22.5 million for the past few years.

“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,” said Muhith.

SURCHARGE RATES

Muhith 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 100 million.

The 2.5 percent surcharge on manufacturers of cigarettes, bidis, zarda, gul and other tobacco products will also remain unchanged, Muhith said.