Realtors yesterday called for an unconditional black money whitening scope for five to 10 years with a view to stopping money laundering and attracting investments to the housing sector.

The Real Estate and Housing Association of Bangladesh (REHAB) made the demand during a pre-budget meeting at the head office of the National Board of Revenue (NBR) in the capital's Agargaon.

While placing the budget proposal, Shohel Rana, vice-president of the REHAB, said money is laundered abroad from Bangladesh thanks to the unconditional amnesty offered in other countries in the case of home purchases

If the unconditional investment opportunity is provided here, the investors will come under the tax net in the future, he said.

"If the benefit is given, national wealth and economic growth will pick up the pace."

Currently, there is no unconditional amnesty for the black money whitening facility locally. And the amount of tax to legalise undisclosed property, comprising houses, land, buildings or flats, has stayed unchanged from 2020-21. That tax depends on the location of the property.

Regarding the demand, NBR Chairman Abu Hena Md Rahmatul Muneem said that providing such facilities each year would only help pump more black money into the economy.

The amount of money legalised through investing in properties was about Tk 90 crore in 2021-22, down from around Tk 2,000 crore a year earlier when the NBR offered unquestioned amnesty to the investments in the housing sector.

The REHAB also proposed reducing the existing registration fee in the housing sector from 12.5 per cent to 7 per cent.

The Bangladesh Reconditioned Vehicles Importers and Dealers Association demanded the government reduce the duty on sport utility vehicles, remove the supplementary duty on electric vehicles, cut the import duty on public buses, and withdraw import duty on public transport.

The Bangladesh Ceramic Manufacturers and Exporters Association proposed a complete withdrawal of the supplementary duty on the production of tiles and sanitary products.

It also called for partial bonded warehouse facility.

In its proposal, the Bangladesh Tanners Association demanded bringing down the import duty on non-bonded tanneries to 3 per cent from 5 per cent and the VAT rate to 7.5 per cent from 15 per cent.

The Leathergoods and Footwear Manufacturers and Exporters Association of Bangladesh suggested the NBR bring down the tax deducted at source to 0.5 per cent from 1 per cent.

It also proposed the introduction of a common bonded warehouse system for all importers.