Realtors for unconditional investment facility of untaxed money in housing sector

Staff Reporter :
The realtors have demanded for allowing untaxed money investment opportunities in the housing sector at a 10 per cent tax for the next five to ten years to help the sector flourish unhindered.
The Real Estate and Housing Association of Bangladesh (REHAB) came up with the demand during a pre-budget discussion at the conference room of the National Board of Revenue (NBR) in the capital on Tuesday.
Opposing the facility, NBR chairman, however, said that the facility would only encourage injecting more black money into the economy.
The government has been giving black money investment opportunities for a long time. Earlier in the financial year 2021-22, it allowed unconditional investment of black money in any sector including housing for only a 10 per cent tax.
Not only that, a legal provision was added that neither the tax department nor any other department can raise questions about the source of that money.
As a result, a record amount of black money was turned white in that financial year. Later, in the face of heavy criticism from different quarters, the government kept the facility but allowed the provision of asking for the source of the money in fiscal 2022-23.
Regarding the demand, NBR Chairman Abu Hena Md Rahmatul Muneem noted that providing such facilities every year will only encourage injecting more black money into the economy.