REHAB hails proposed budget

The Real Estate and Housing Association of Bangladesh (REHAB) hailed the proposed budget as it has allowed investment of undisclosed money into the sector.

The REHAB, in a media release, said the budget-offered tax benefits to some building materials would help the sector grow.

The Finance Minister AHM Mustafa Kamal on Thursday placed the budget before the parliament for incoming fiscal year 2021-22.

“The opportunity of investing undisclosed money in purchasing flats and apartments will play a positive role in this sector and help increase the government revenue,” said the press release.

The REHAB welcomed the proposal of special tax exemptions on various construction materials related to the housing sector, including rods, cement, and tiles.

According to government estimates, about Tk 14,000 crore undisclosed money came to the mainstream economy so far thanks to the provision of legalising undisclosed or untaxed money.

The National Board of Revenue received about Tk 1,500 crore in revenue from there.

Through such a policy, more money will be added to the mainstream economy, which will ultimately help increase the government revenue, it said, adding that the government could utilize the additional revenue to tackle the pandemic situation.

The proposed budget has reduced corporate and annual turnover tax rates, which are very positive, the REHAB said.

This budget is as realistic, people-oriented, and business-friendly, it believes.