Tuesday, November 5, 2024

Hike in trade licence fee in city corpns likely this month

Trade licence fees are likely to be increased in all 11 city corporations
in the country during the current month.
All business houses in the private sector under the city corporation areas will be brought under the increased trade licence fees, according to sources at the LGRD ministry.The 11 city corporations are Dhaka North City Corporation, Dhaka South City Corporation, Chittagong City Corporation, Khulna City Corporation, Rajshahi City Corporation, Barisal City Corporation, Sylhet City Corporation, Comilla City Corporation, Narayanganj City Corporation, Rangpur City Corporation and Gazipur City Corporation.
The hike in the trade licence fees is aimed at collecting more revenue with a view to providing improved services to city dwellers, said the sources.
The proposed new trade licence fees are for scheduled banks and other financial institutions (applicable to all city corporations) – Tk 15,500 (existing Tk 3,000), for insurance companies (branch office) – Tk 5,000 (existing Tk 3,000), for lending institutions (branch office) – Tk 5,000 (existing Tk 3,000), and for money exchangers – Tk 5,000 (existing Tk 1,500).
For private universities (applicable to all city corporations) – Tk 10,000 (existing Tk 2,000), and for private colleges/schools (big) – Tk 5,000 (existing Tk 1,000).
For restaurants (air conditioned) – Tk 5,000 (existing Tk 1,000
-applicable to two city corporations in Dhaka and Chittagong City Corporation) while it is Tk 3,000 for other city corporations.
For restaurants (non-AC) – Tk 2,000 (existing Tk 500 – applicable to two city corporations in Dhaka and Chittagong City Corporation) while it is Tk 1,000 in other city corporations.
For five-star hotels (centrally air conditioned) – Tk 50,000
(existing Tk 20,000 – applicable to two city corporations in Dhaka and Chittagong City Corporation) while the rate is Tk 25,000 for other city corporations.
For four-star hotels (centrally air conditioned) – Tk 25,000 (applicable to two city corporations in Dhaka and Chittagong City
Corporation) and it is Tk 20,000 for other city corporations.
For three-star hotel (centrally air conditioned) – Tk 20,000 (existing Tk 15,000 – applicable to two city corporations in Dhaka and Chittagong City Corporation) and it is Tk 15,000 for other city corporations.
For two-star hotel (centrally air conditioned) – Tk 15,000 (applicable to two city corporations in Dhaka and Chittagong City
Corporation) while it is Tk 10,000 for other city corporations.
For one-star hotel (centrally air conditioned) – Tk 12,000 (existing Tk 10,000 – applicable to two city corporations in Dhaka and Chittagong City Corporation) and it is Tk 8,000 for other city corporations.
For private health clinics and nursing homes above 40-bed (applicable to all city corporations), the new fee will be Tk 40,000 (existing Tk 10,000).
The trade licence fee was raised last time on November 4, 2002 as per article 84 of the Local Government (City Corporation) Act-2009, a source at the LGRD ministry told the UNB.
The new fee will come into effect following the publication of New Model Tax Schedule-2013 in the official gazette.
The ministry earlier finalised the draft of the New Model Tax Schedule on the basis of opinions of all the city corporations.
According to the concerned section at the ministry, the licence fee will be more for some categories of trades in commercially important areas under only Dhaka North and Dhaka South and Chittagong city corporations than the other city corporations.
In the model tax schedule, a new city tax has been imposed for those who will stay at a residential hotel in city corporation areas as elsewhere the world. Separate five per cent city tax is compulsory for every person who stays in a five-star hotel, four per cent for four-star hotel, three per cent for three-star hotel, and two per cent for all other hotels.
Small shops under all the city corporations will also be brought under tax net for expanding the scope of tax.
LGRD secretary Abu Alam Mohammad Shahid Khan said, ‘A lot of money is needed for providing improved services to the dwellers living in the city corporations. It is not possible to provide the improved services to the city dwellers with the money currently available from tax.’
He said trade licence fee and other local government taxes were last raised in November 2002. ‘Prices of everything have increased with the passage of time. Hence, it is necessary to increase the local government taxes. Disbursement of salaries and allowances of officials and employees of some city corporations was being hampered due to financial crisis.’
Deputy chief revenue officer of Dhaka North City Corporation Mohammad Mohsin Ali said that more revenue would be available if the increased fees and taxes are realised.
He mentioned that proposals have been made for increasing fees and taxes in 61 new trades under Dhaka North City Corporation. Besides, proposal has also been made for imposing tax at 15 per cent on signboard, cable operator/every dish connection.
If more revenue is available, the city corporations will be able to provide improved services to the city dwellers, Mohsin Ali said.

-With New Age input

Related News

Remittance rises in Oct, SOBs log larger share

Business Desk : dhakamirror.com Remittance inflow to Bangladesh increased by more than 21 per cent in October compared with that in the same month in the past year, as expatriates favoured official channels, mainly state-owned banks, following a significant political shift in the country on August 5. Bangladesh Bank data showed that remittance inflows reached ... Read more

Oppo celebrates tenth anniversary in Bangladesh with O Fans festival

Business Desk : dhakamirror.com Emphasising celebration and appreciation, OPPO, a leading global technology brand, is excited to announce its SUPER OFFER as part of the ‘O Fans Festival’ to celebrate its 10th anniversary in Bangladesh. The festival theme, “SUPER OFFER,” highlights unforgettable experiences for its dedicated fans through exclusive prizes and substantial super discounts on ... Read more

Bangladesh Travel and Tourism Council launched

Business Desk : dhakamirror.com A new think tank, Bangladesh Travel and Tourism Council (BTTC), has started its journey in a bid to create a network of professionals and businesses to foster collaboration and knowledge exchange in the local travel, tourism and hospitality sector. The council held its first meeting at a hotel in the capital ... Read more

Ethiopian airlines set to touch Dhaka’s runway

Business Desk : dhakamirror.com Ethiopian Airlines, the largest airline in Africa and part of the Star Alliance, will begin operations in Bangladesh next Sunday with its first flight on the new Addis Ababa-Dhaka route. The airline will provide five direct flights each week, giving Bangladeshi travelers access to over 155 global destinations, including major cities ... Read more

Unilever’s 15th edition of BizMaestros launches Nov 3

Business Desk : dhakamirror.com The 15th edition of BizMaestros-UFLP, the flagship business competition of Unilever Bangladesh, embodying the “Thrill of Real Business”, is all set to begin on November 3. As a leading player in the FMCG sector, Unilever Bangladesh has been at the forefront of skill development initiatives for over six decades, establishing BizMaestros ... Read more

Banglalink introduces affordable 4G Phone in partnership with Symphony

Business Desk : dhakamirror.com Banglalink and Symphony have joined forces to launch the “My First 4G Phone” campaign to make 4G technology more accessible and affordable. Through this campaign, they seek to bridge the digital divide by offering high-quality 4G phones at an unbeatable price, empowering more people to benefit from fast, reliable internet connectivity.The ... Read more

Bashundhara Toiletries introduces “Alora 2in1” Hair & Body Wash: first ever in Bangladesh

Business Desk : dhakamirror.com Bashundhara Toiletries announced the launch of “Alora 2-in-1” Hair and Body Wash, an innovative product designed to simplify your daily care routine. As Bangladesh’s first 2-in-1 solution for both hair and skin, Alora offers a unique blend of premium ingredients that cleanse, nourish, and revitalize. “Alora 2-in-1” is formulated with two ... Read more

350cc Royal Enfield set for Bangladesh launch on October 21

Business Desk : dhakamirror.com Ifad Motors, the manufacturer and sole distributor of Royal Enfield motorcycles in Bangladesh, is gearing up to launch the iconic motorcycle brand in the country on Monday (21 October). Four models will be introduced: Bullet, Meteor, Hunter, and Classic and the bikers will have 12 different colour options at competitive prices ... Read more

Luxury car sales slow to a near-stop

Market players blame economic and political uncertainty Jagaran Chakma Sales of luxury sedans and sport utility vehicles (SUVs) have been almost nil since July this year as customers have reined in spending amid the ongoing economic downturn and sudden political changeover in Bangladesh. According to various market insiders, sales have fallen by about 95 percent ... Read more

realme 12: The Speed Dominator launched

Business Desk : dhakamirror.com realme has unveiled its latest handset, the realme 12, in Bangladesh featuring SUPERVOOC charging, fluid performance and photographic prowess. This new device sets unprecedented standards with the ‘Born for Speed’ philosophy in the mid-range segment, reads a press release. At the core of the realme 12 is the Qualcomm Snapdragon chipset, ... Read more

TECNO mobile Bangladesh wins best retailer award 2024

Business Desk : dhakamirror.com TECNO Mobile Bangladesh has been awarded the title of the best retailer of mobile handsets at the prestigious Bangladesh retail congress . This honour is a testament to our unwavering focus on enhancing consumer satisfaction and convenience. We believe that our consumers are at the heart of our success and are ... Read more

Mastercard hold technology conference 2024

Business Desk : dhakamirror.com Mastercard recently organised the “Mastercard Tech Conference Q4, 2024” at a city hotel in Dhaka, Bangladesh, with participants from various banks and financial institutions. Zakia Sultana and Sohail Alim, Directors at Mastercard, Bangladesh, inaugurated the session. Munish Jairath, Director of Technology Account Management, Vageesh Raghavendra, Manager of Technology Account Management, and ... Read more

Stellar performers in Bangladesh travel, tourism and hospitality are honoured

Business Desk : dhakamirror.com The recognition programme, first of its kind in the country, was organised by the travel and tourism publication the Bangladesh Monitor. The programme is supported by Prime Bank PLC, a private-sector financial institution whose commitment to the industry’s growth is unwavering. Online travel agency BuyTickets, travel technology provider Sabre, and tea ... Read more

Businesses urge steps on law and order

Business Desk : dhakamirror.com Business leaders on Saturday sought better business climate in the country and said that issues like law and order situation, rising interest rates and other macroeconomic challenges must be addressed as these factors have impacted the economy negatively. Speaking at a seminar titled ‘Current state of the economy and outlook of ... Read more

Walton launches solar hybrid IPS

Business Desk : dhakamirror.com Walton Digi-Tech Industries Limited, a sister concern of Walton Group, recently launched solar hybrid Instant Power Supply (IPS) units, which are environment friendly, renewable and affordable as well. The price caps of these IPS units start from a minimum of Tk 79,500 and maximum Tk 465,000, depending on the inverter and ... Read more

Walton to attend in Canton Fair for the fourth time

Business Desk : dhakamirror.com Global electronics brand Walton is set to attend the ‘China Import and Export Fair’, widely known as the Canton Fair, for the fourth time. This prestigious event, recognized as one of the largest trade shows in the world, will see Walton showcase its latest AI-powered electronics and electrical products. The 136th ... Read more

First drone manufacturing factory to be set up in country

Business Desk : dhakamirror.com Bangladeshi company Sky Bees Limited is set to invest US$ 45.95 million to establish an Unmanned Aerial Vehicle (UAV, commonly known as drone) manufacturing industry in the BEPZA Economic Zone (BEPZA EZ). This will be the first factory to manufacture drones in the zones under BEPZA, creating employment opportunities for 55 ... Read more

OPPO A3 now available in Bangladesh

Business Desk : dhakamirror.com In a world where smartphones face constant challenges, OPPO is setting a new benchmark for durability with the launch of the OPPO A3 Series in Bangladesh. Designed as the ultimate durability champion, the OPPO A3 showcases OPPO’s commitment to enduring the rigours of daily life. Built with a robust structure to ... Read more

NBR scraps black money whitening scheme

Business Desk : dhakamirror.com The National Board of Revenue has cancelled the provision to whiten black money without scrutiny by paying a 15 percent tax. The tax administration issued a notification in this regard today. The development comes a few days after the interim government said it had decided to scrap the provision. The exemption ... Read more

BRAC Bank introduces VISA Platinum Flexi Card

Business Desk : dhakamirror.com BRAC Bank has introduced a new ‘VISA Platinum Flexi Credit Card’, exclusively designed for the youth and young professionals aspiring to elevate their lifestyle. The new credit card comes with a wide range of lifestyle, travel, hotel stay, and dine-in benefits for cardholders at a competitive annual fee, according to a ... Read more