DHAKA, Nov 11, 2017 (BSS)- Realtors and the revenue authorities have planned to work jointly to solve problems in the country's real estate sector, said National Board of Revenue (NBR) chairman Md Nojibur Rahman.
"NBR has already identified eight problems in the real estate sector . . . we will solve these problems properly and the realtors will not have to face any revenue related problem in future," said the NBR chief while speaking at a 'REHAB-NBR Joint Meeting' at a city hotel here today.
Real Estate and Housing Association of Bangladesh (REHAB) president Alamgir Shamsul Alamin chaired the meeting. REHAB senior vice president Nurunnabi Chowdhury Shawan, MP, NBR members Barrister Jahangir Hossain and Parvez Iqbal, REHAB vice president Liaquat Ali Bhuiyan, among others, spoke at the meeting.
NBR chairman Nojibur Rahman said NBR is giving special attention to real estate sector as the Prime Minister has directed it to give special focus on the country's all potential sectors. All policy related supports will be given to the real estate sector for its flourishing, he added.
He sought cooperation from REHAB as the NBR will implement new VAT law from July, 2019. REHAB and NBR will work jointly for the next two years for implementation of the new VAT law, he said, adding that training and workshop will be organized jointly to remove any confusion about the law.
Nojibur Rahman said the NBR is amending the tax related rules, regulations aiming to make the law more pro-people. The tax law will be made in English and Bengali version, he said and urged the REHAB members to give NBR suggestions about the tax law.
REHAB president Alamgir Shamsul Alamin said secondary market system will have to be introduced for the real estate sector and suggested reducing the registration cost. He suggested reducing the registration cost at three percent.
He said around 15 to 17 thousand flats have changed hand every year but registration is not taking place properly. If secondary market is introduced, revenue earnings from this sector will be increased, he added.