Land registration fees to be reduced
Thursday, 23 April 2009
FE Report
The government has decided to reduce the existing land registration fees and make their payments easier for the people, aiming to boost revenue from the source.
The decision was taken at an inter-ministerial meeting held Wednesday at the secretariat with Finance Minister AMA Muhith in the chair.
"We have decided in principle to reduce the current land registration fees in order to enhance revenue earnings," the minister told newsmen after the meeting.
At present, different types of registration fees ranging between 14 per cent and 18 per cent are charged on the total land prices, he mentioned, without going into further details on the proposed rate cut.
He also observed that because of the existing high tax burden, land prices are shown much lower than the actual prices. If the registration fees go down it will help encourage buyers of land to pay the same accordingly.
"The fees will be rationalised to such a level so that people voluntarily pay the charges," the minister said.
Apart from the reduction of such registration fees, the meeting also decided to simplify the procedures of fees and taxes so that the clients are able to pay their fees at one point instead of existing four separate places, he said.
Responding to a query, the finance minister said the proposal on reduction of land registration fees will be placed before the cabinet committee shortly for approval.
A meeting source, hinted at the possibility of reducing the existing land registration fees by 30 to 40 per cent.
Some other issues, including the computerisation of land registration process and reviewing the existing land prices in the metropolitan areas, city, pourashava and upazila levels, were also discussed at the meeting, the source said.
Senior officials of finance, land, housing and public works ministries and the National Board of Revenue (NBR) were present at the meeting.
The government has decided to reduce the existing land registration fees and make their payments easier for the people, aiming to boost revenue from the source.
The decision was taken at an inter-ministerial meeting held Wednesday at the secretariat with Finance Minister AMA Muhith in the chair.
"We have decided in principle to reduce the current land registration fees in order to enhance revenue earnings," the minister told newsmen after the meeting.
At present, different types of registration fees ranging between 14 per cent and 18 per cent are charged on the total land prices, he mentioned, without going into further details on the proposed rate cut.
He also observed that because of the existing high tax burden, land prices are shown much lower than the actual prices. If the registration fees go down it will help encourage buyers of land to pay the same accordingly.
"The fees will be rationalised to such a level so that people voluntarily pay the charges," the minister said.
Apart from the reduction of such registration fees, the meeting also decided to simplify the procedures of fees and taxes so that the clients are able to pay their fees at one point instead of existing four separate places, he said.
Responding to a query, the finance minister said the proposal on reduction of land registration fees will be placed before the cabinet committee shortly for approval.
A meeting source, hinted at the possibility of reducing the existing land registration fees by 30 to 40 per cent.
Some other issues, including the computerisation of land registration process and reviewing the existing land prices in the metropolitan areas, city, pourashava and upazila levels, were also discussed at the meeting, the source said.
Senior officials of finance, land, housing and public works ministries and the National Board of Revenue (NBR) were present at the meeting.