Government has reduced the tax on transfer of immovable property from company to company level in Chattogram City Corporation area along with Dhaka North and South City Corporation areas.
The City Corporation has amended the ‘Standard Tax Schedule, 2016’ to reduce these areas from two percent to one percent.
A gazette was also published in this regard on November 5. This gazette will be effective from December 1.
According to the tax schedule, tax can be levied at a maximum rate of two percent of the value of the immovable property mentioned in each transfer deed.
Now that schedule has been amended to say, “In case of transfer of immovable property, real estate transfer tax may be levied at the rate of maximum two percent of the value of the immovable property mentioned in each transfer deed.
Provided that in the case of transfer of immovable property from company to company under the jurisdiction of Dhaka North City Corporation, Dhaka South City Corporation and Chittagong City Corporation, tax may be levied at the rate of one percent of the value of the property.