The new law passes tax collection for fiscal years

 Even though tax collection in the country has been going on for so long in the Bengali year, now we have to keep an account of the Christian year, because now it will be collected in the financial year. The 'Land Development Tax Bill 2023' has been passed by the Parliament on Sunday, adding the provision for collection of rent for the year July-June.

Lands Minister Saifuzzaman Chowdhury presented the bill for passage and it was passed by voice vote.

As per the new law, land development tax will be levied in July-June fiscal year. Land development tax can be paid without penalty from July 1 every year to June 30 of the following year.

If the total amount of agricultural land is up to 8.25 acres or 25 bighas, land development tax is not required to be paid by individuals or families dependent on agricultural work. However, if the amount of this land is more than 25 bighas, the tax will be paid on the entire agricultural land.

The new law repealed the Land Development Tax Ordinance of 1976.

Land Minister Saifuzzaman Chowdhury said that various reform programs have been taken to save common people from harassment. As online revenue collection has started, many harassments are reducing. Ensuring smart land management will help in building a smart Bangladesh. It will increase government revenue.