No question black money white opportunity timely decision: rehab

The Real Estate and Housing Association of Bangladesh (REHAB) considers it a realistic and timely decision to allow undisclosed money to be invested without question.

According to the organization, as a result of this decision of the proposed budget, investment will come in the housing sector, revenue will increase for the government.

On Sunday (June 9) at the Sirdap Auditorium in the capital, Rehab President Md. Wahiduzzaman. Rehab First Vice President Lion MA Awal, Vice President Engineer Abdul Latif and Vice President (Finance) Abdur Razzaq were present at the press conference.

The rehab president said that before presenting the budget proposal to the national parliament, rehab presented the budget related demands to the government including the chairman of the national revenue board. Different meetings have been held regarding these demands. Various reports on our demands and proposals have also been published in the media. In the budget proposal of rehab, we had clearly explained and demanded that the undisclosed amount should be invested without question.

He said that in 2020-21 fiscal year, 20,600 crores of black money has come into the mainstream of the economy due to the opportunity to invest black money without question. The government has received a revenue of two thousand crore rupees. We thank the Prime Minister, Finance Minister, Planning Minister and others for keeping black money white in the proposed 2024-25 budget. A realistic and timely decision to invest undisclosed money without question.

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  • It is absurd that the registration fee for old flats is the same as for new flats

Wahiduzzaman also said that the revenue income in the proposed budget has been estimated at Tk 5 lakh 41 thousand crores. Which is 9.7 percent of GDP. We will request a change in the revenue collection system from the real estate sector. Currently the flat registration cost is exorbitant.

He said, out of this, gain tax is 8 percent, stamp fee is 1.5 percent, registration fee is 1 percent, local government tax is 2 percent, MIT is 5 percent, value added tax is 4 and a half percent and the total registration cost is 22 percent. If corporate tax is added to this, the cost of registration is 30 percent. This registration cost is proposed to be 7 percent in total. Earlier we have proposed to reduce the registration fee.

Rehab president also said that if the registration cost is low, the buyers will be encouraged to show the correct value of the land. As a result, the creation of undisclosed amount will naturally decrease. The huge amount of undisclosed money in the country’s economy is largely responsible for this huge registration cost. This registration cost is the highest among the SAARC countries and even the world, as we have said before. Many are living in flats without registration due to high registration costs. Which will create legal problems later. We demand that the registration fee be reduced. Reducing registration costs will not reduce revenue, but will increase it.