2024-07-01 06:48:34
Bangladesh goes to enter the brand new period of land improvement tax from July 1. As per the Land Improvement Tax Act 2023, the interval for assortment of Land Improvement Tax will probably be from 1st July to thirtieth June yearly.
This info was knowledgeable by the Land Ministry on Sunday (June 30).
It’s mentioned that by this transformation the land improvement tax assortment administration has been coordinated with the nationwide fiscal 12 months. Earlier, the interval for assortment of land improvement tax was from 1st Baisakh to thirtieth Chaitra of Bengali 12 months. It’s anticipated that the coordination with the nationwide monetary 12 months will make the administration of accounts associated to the fee of land improvement tax by the land proprietor on the particular person and company degree extra easy and speedy. Moreover, it will likely be extra handy to evaluate the impression of land improvement tax on the nationwide financial system.
On this regard, Land Minister Narayan Chandra Chand mentioned on June 8, “I strongly imagine that this new system will strengthen the land income assortment system of our nation and produce dynamics in income assortment. Allow us to all succeed on this new journey collectively. We really feel that the current change will make the method of assortment of land improvement tax extra truthful, clear and environment friendly.
Prime Minister Sheikh Hasina inaugurated the land improvement tax system on-line in 2021. From Pahela Baishakh 1430 (14 April 2023), Land Improvement Tax is being collected 100% on-line throughout the nation. Ministry of Lands gained the Worldwide Wicis Award 2022 for Land (Improvement) Taxation. Digitization of Land Improvement Tax has tripled the speed of income assortment within the land sector or greater than 200 %.
The primary Bengali 12 months was calculated from 1584 AD in Mughal Bengal. Nevertheless, this calculation formally got here into impact in tax assortment from 1556 (displaying an earlier date). Over time, land lease and land tax had been collected as Bengali Son in unbiased Bangladesh after British and Pakistan rule. Taking the sensible 12 months 1584, as a result of want of time, the land tax assortment time is altering after about 440 years.
Word that land improvement tax must be paid in accordance with Halson’s calculations. That’s, land improvement tax of every 12 months could be collected with out penalty by June 30 of that 12 months. If the overall quantity of agricultural land is as much as 8.25 acres or 25 bighas, land improvement tax just isn’t required to be paid by people or households depending on agriculture.
Nevertheless, if the quantity of this land is greater than 25 bighas, land improvement tax must be paid on all the agricultural land. Alternatively, the federal government collects land improvement tax by dividing non-agricultural land into industrial, industrial and residential and different classes based mostly on use, by fixing and re-fixing land improvement tax charges on non-agricultural land by notification within the official gazette. Additional, the Authorities could, by notification within the Authorities Gazette, exempt any individual or any class of individuals or any physique from land improvement tax on agricultural or non-agricultural land of the category and extent specified within the mentioned notification.
APA signature of the division/group below the Ministry of Lands
The signing of the annual efficiency settlement (APA) for the 2024-2025 fiscal 12 months with the Ministry of Lands below the federal government’s efficiency administration system held on the convention room of the Ministry of Lands was held on Sunday.
Chairman of Land Attraction Board Muhammad Ibrahim, Chairman of Land Reform Board. Abdus Sabur Mandal BPAA, Director Basic of Land Data and Survey Division Anis Mahmud, Director of Land Administration Coaching Heart. Arif and Comptroller of Accounts (Income) Nahida Alam signed the APA settlement with Ministry of Lands on behalf of their respective departments/organizations. Alternatively, Further Secretary Ziauddin Ahmed, appearing because the Secretary of the Ministry of Lands, signed the NDC on behalf of the Ministry of Lands.
Officers of the Ministry of Lands and associated departments/organizations had been current on the APA settlement signing ceremony.