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High tax looms over luxury cars

Sohel Parvez
The revenue authority is set to slap higher advance tax for owners of luxury cars in the upcoming fiscal year in an attempt to meet the steep revenue target.
A new tax slab will be introduced for vehicles above 3,500CC, which are typically luxury cars or sports utility vehicles, said a senior official of the National Board of Revenue.
A tax of Ik 1.25 lakh will be imposed during registration or fitness renewals at the Bangladesh Road Transport Authority (BRIA), which would be adjustable with total income tax, he said. At present, owners of vehicles above 2,800CC are subjected to a Tk 1 lakh advance tax.
"It is rationalisation of the tax rate. We are planning to impose higher advance tax for owners of high-end cars while keeping the existing amount of tax for low- to mid-range cars. It will help ensure equity in taxation."
There would be no change in advance tax rates for vehicles of up to 2,500CC; the existing rate ofTk 50,000 will continue.
The move comes at a time when the sightings of high-end vehicles are on the rise.
Car importers said a portion of SI IVs were imported by lawmakers enjoying duty-free import privilege as the existing duty for cars above 2,751 CC is very high. But there are allegations that a section of
lawmakers sold vehicles to businessmen after importing.
Under the new scheme, which is due to take effect from July, the NBR is seeking to introduce a slab for the 3,000-3,500CC range, whereTk 1 lakh will be applicable.
Another slab will be put in for the 2,500-3,000CC range, where the advance tax would beTk 75,000.
However, people owning microbuses will have to pay Tk 20,000 advance tax, up from the present Tk 15,000.
Abdul Haq, a director of the Federation of Bangladesh Chambers of Commerce and Industry; said the high tax should be slapped on luxury cars and noton utility vehicles.
The N B R's tax collection from car registration and fitness renewal is rising fast due to introduction online payment system by BRTA. Collection as advance tax from car registration and fitness stood at Tk 545 crore in July-May, whereas it was Tk 487.55 crore for the whole of fiscal 2012-13, according to NBR.
The amount of tax collection from car registration and fitness renewal was only Tk 50 crore in the fiscal 2009-10, when the government reintroduced the tax after a six year gap.
BRTA does not have an estimate of the total number of luxury cars or SUVs in the country; But of the 20,47,408 vehicles registered with the BRTA until May, 259,126 are saloon cars and 37,936 are Jeeps.