REHAB president seeks fair tax policy for housing sector

Expressing concern over the excessive and unreasonable taxes imposed on the housing sector in the national budget, REHAB President Dr Ali Afzal has called for policy reforms to make housing more accessible for ordinary people.

Dr Ali Afzal, who is also chairman of Krishibid Properties Ltd (KPL) and Glorious Lands and Developments Ltd (GLDL), said the housing sector is not merely a business sector but is directly linked to the country’s economy, employment generation and people’s quality of life.

He said imposing additional tax burdens on the sector would not only affect real estate developers but also millions of workers, engineers, architects, construction material suppliers and hundreds of related industries.

Around 269 sub-sectors are directly and indirectly connected with Bangladesh’s housing industry, he said, adding that any slowdown in the sector would have a wider impact on the overall economy.

According to Dr Ali Afzal, supporting the housing sector means strengthening economic growth and employment opportunities. He believes that “safe and permanent housing is a basic human right, not a luxury.”

He said he has been working for years to help middle-class and ordinary citizens fulfil their dream of owning a flat or house.

As part of this effort, Dr Ali Afzal is working with Bangladesh Bank at the policy level to introduce long-term home loans at single-digit interest rates for first-time flat buyers. He believes such an initiative would enable millions of families to secure permanent housing under easier conditions.

Regarding the tax system, he said, “We pay taxes regularly, but in many cases taxpayers face unnecessary harassment. As citizens, we have the right to know where and how our hard-earned money is being spent.”

He stressed the need for a fully transparent, accountable and digitalised tax system.

Dr Ali Afzal has also been vocal against corruption, extortion and syndicates, saying that the influence of dishonest interest groups is one of the biggest obstacles to the country’s economic progress.

He said creating an investment-friendly environment will not be possible without effective action against such practices.

Apart from criticising existing challenges, he has also proposed solutions, including the introduction of a bond-based financing system to ensure long-term funding for the housing sector.

He believes the initiative will strengthen the sector and create new momentum in the economy.