Bill on re-fixing uniform stamp duty passed
Thursday, 10 June 2010
Parliament Wednesday passed the Stamp (Amendment) Bill 2010 re-fixing uniform stamp duty at three per cent for land registration in both urban and rural areas, reports UNB.
On September 1 last year, the stamp duty for rural areas was lowered from 5.0 per cent to 2.0 per cent.
Finance Minister AMA Muhith, who piloted the Stamp (Amendment) Bill, 2010, told parliament that the reduction of the stamp duty for rural areas was comparatively less since the land price in rural areas was not increased.
Moreover, he said, having maintained three per cent stamp duty for urban areas there was a scope to deprive the government of due revenue by way of "false" declaration about the location of the land at the time of registration.
Therefore, the finance minister said uniform stamp duty has been re-fixed at three per cent for registration of land in both urban and rural areas.
The bill was passed without any discussion in the absence of the opposition BNP lawmakers who have been abstaining from parliament proceedings.
The finance minister also piloted the Income-tax (Amendment) Bill, 2010 re-fixing tax at source at one per cent in the case of transferring non-agricultural land in rural areas outside City Corporation, Municipality or Cantonment Board.
On September 1 last year, the stamp duty for rural areas was lowered from 5.0 per cent to 2.0 per cent.
Finance Minister AMA Muhith, who piloted the Stamp (Amendment) Bill, 2010, told parliament that the reduction of the stamp duty for rural areas was comparatively less since the land price in rural areas was not increased.
Moreover, he said, having maintained three per cent stamp duty for urban areas there was a scope to deprive the government of due revenue by way of "false" declaration about the location of the land at the time of registration.
Therefore, the finance minister said uniform stamp duty has been re-fixed at three per cent for registration of land in both urban and rural areas.
The bill was passed without any discussion in the absence of the opposition BNP lawmakers who have been abstaining from parliament proceedings.
The finance minister also piloted the Income-tax (Amendment) Bill, 2010 re-fixing tax at source at one per cent in the case of transferring non-agricultural land in rural areas outside City Corporation, Municipality or Cantonment Board.