Fix surcharge on property’s present market value: IBFB
Valuation of properties when determining surcharge on net minimum wealth should be based on current market value, not their purchase value, according to research and advocacy platform the International Business Forum of Bangladesh (IBFB).
For instance, anyone who had bought a house in Gulshan 40 years ago now pays surcharge on its market value at that time, which is not reasonable, said Humayun Rashid, president of the IBFB.
They have to pay surcharge on the estimated value at present, he said, adding that this would help generate more revenue for the government.
Rashid, also managing director and CEO of Energypac Power Generation Limited, was addressing an event styled "Proposed National Budget 2023-24: Expectations and Achievements" at National Press Club in Dhaka today.