Realtors' undisclosed income
Govt urged to keep doors open for investment at pre-budget discussion

FE Report

Real estate businesses have urged the government to keep the opportunity of investment of undisclosed income in industries in the next fiscal.

Real Estate and Housing Association of Bangladesh (REHAB) president Tanveerul Haque Probal has made the request at a pre-budget meeting with National Board of Revenue (NBR) to raise investment in the construction sector.

People will send their undisclosed income abroad if there is no investment opportunity for them, he told the meeting.

The NBR has held two pre-budget meetings with the construction and plastic sectors' stakeholders Wednesday at its conference room.

The REHAB also sought duty-free import of vehicles used in the construction sector and change of the definition of 'remote area' by calling it Mufassil for availing tax benefit.

Currently, the construction sector gets 10 years' tax holiday facility for investment in 'remote areas'. The REHAB said the businessmen cannot avail the opportunity due to lack of utility services in those areas.

The government rather offers tax benefit for five years and implements the opportunity in Mufassil areas.

Director of Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) Abdul Huq said: "Infrastructure development in remote areas is necessary for expanding the construction sector."

Leaders of Bangladesh Steel Mill Owners Association, Bangladesh Re-rolling Mills Association, Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA) were present at the meeting.

BPGMEA leaders have demanded withdrawal of the prerequisite to mark 'import under bond not for sale' on the bags of imported plastic products, withdrawal of bank guarantee and setting a minimum tax on import of basic raw materials.

Steel Mill Owners Association has proposed re-fixing tariff value of MS products, withdrawal of PSI system on import of melting scrap and re-rollable scrap and withdrawal duty and VAT on import of MS products.