Real Estate News
The government has decreased the stamp duty on transferring land and flats from 3 percent to 1.5 percent on property registration.
On December 24th the finance ministry’s Internal Resources Division has issued a gazette notification with the sign of Md Mosharraf Hossain Bhuiyan senior secretary IRD as well as chairman of the National Board of Revenue (NRB).
The chairman of the Real Estate & Housing Association of Bangladesh Mr. Liakat Ali Bhuiyan expressed their satisfaction regarding stamp duty reduction. He also asked for a reduction in the registration fee, local govt. tax and land development vat to live up people’s hope. Also, the finance ministry, as well as the revenue board, requested the ministry and the division to take required steps to reduce fees from 2 percent to 1 percent from 2 percent to 1.5 percent for the local government tax.
REHAB has informed that currently, buyers are paying 4 percent gain tax, 2 percent registration fee, 2 percent local govt. Tax and 3 percent of land development vat ( total 7 percent ) for flat registration. Due to this, a large number of properties remain unsold.
One of the REHAB members also said that the execution of the decision of decreasing stamp duty along with other fees-taxes would put an effective impact on the real estate sector. The rate of flats and plots sales, as well as registration, would increase.
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