Bangladesh welcomes Bangla New Year 1422
The nation is welcoming the Bangla New Year 1422 today with its traditional fanfare and festivity.
Shedding the preceding year’s gloominess to oblivion, people from all walks of life is celebrating the Pahela Baishakh, the biggest and most colorful festival to mark the first day of the Bangla year.
The festivity in the city begins after sunrise with the gathering of thousands of people under the banyan tree at Ramna Uddyan where artistes of cultural organisation 'Chhayanaut' sing the traditional Pahela Baishakh song of Rabindranath Tagore - "Esho Hey Baishakh" - to welcome the day.
Tight security measures have been taken in and around the park.
The traditional colorful procession, known as Mongol Shobhajatra, organised by the students of the Institute of Fine Arts of Dhaka University, also began from its premises after 9:00 am.
Thousands are seen turning out on the streets, parks and open spaces since morning as the day is a public holiday.
Many are eating traditional “panta bhat” (watered rice) with fried hilsa fish, lentil, green chilli and onion at home, restaurants and fairs.
Attired in traditional clothes, women clad in saris and men punjabi, they are thronging venues of cultural programmes and makeshift fairs which celebrate Bangla culture, entertainment, art and food and featured live music and performances in the capital and elsewhere in the country.
Many are seen their cheeks and parts of their body to paint with the country’s map and other emblems, to celebrate the occasion aiming to add a special color.
Different cultural organisations and popular bands are seen performing at the venues since the morning and more people are pouring in.
Dhanmondi, Jatiya Sangsad Bhaban and other city areas are seen swarming with people from early morning.
Different organisations have chalked out scores of cultural shows in the Dhaka University area. Visitors are seen buying traditional food, masks and toys at the fairs.
The state-owned BTV, Bangladesh Betar (radio), and private television channels are broadcasting special programmes and the newspapers have brought out special supplements marking the day.
Mughal Emperor Akbar introduced the tradition of celebrating the Bangla New Year in relation to closing of the annual tax collection. Traditionally, traders and shopkeepers open “halkhata” (new account register) on the day and serve sweetmeats to clients.
Slowly this non-communal festival became an integral part of the Bangalee culture with people irrespective of their religion, sect and creed celebrating the day as one nation.
Source: Daily Star
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NBR Discovers 10,152 Rich Taxpayers with Net Worth Exceeding Tk. 2 Crores
Bangladesh has at least 10,152 people with individual net wealth of more than Tk 2 crore, according to data compiled by the National Board of Revenue.
But taxmen and analysts said the number of wealthy people and the amount of wealth shown by taxpayers should be higher from the viewpoint of property price spirals and the rise in the number of apartments and expensive cars.
The number of the wealthy people will increase if the government calculates the value of lands and apartments on the basis of present market prices, they said.
"The number is very low even for Dhaka city, let alone the entire country. It is likely that there are more than 10,000 apartment owners in the plush areas of the capital," said Towfiqul Islam Khan, a research fellow at the Centre for Policy Dialogue.
"Lands and apartments are undervalued in Bangladesh," he said, adding that people in the high-income segment also show the value of their property below the present market prices.
Despite that, the revenue administrator sees increased collection of surcharge on wealth, thanks to rising compliance by rich people.
However, the NBR is yet to compile data on how much surcharge it has collected so far this fiscal year. But taxmen said the amount is expected to rise because of the introduction of two additional slabs for surcharge collection from the current fiscal year.
Under the scheme, a person with net wealth of more than Tk 20 crore but less than Tk 30 crore will have to pay 20 percent surcharge on their payable tax. Those with net wealth of more than Tk 30 crore will be subject to 25 percent surcharge.
The surcharge on wealth was applicable in two slabs until last fiscal year -- 10 percent on payable tax of people having more than Tk 2 crore in net wealth and 15 percent for more than Tk 10 crore. The NBR logged Tk 208 crore in surcharge on wealth last fiscal year, up from Tk 101 crore in the previous year.
"It is an indication of economic advancement. People's wealth and income are rising in line with the economic growth of the country," said Md Abdur Razzaque, a member of income tax at the NBR.
Taxmen said most of the taxpayers submit tax returns by calculating their wealth on the basis of the registered value of lands and apartments, which remains below the market prices.
"The practice of underreporting is also present in other countries. We are working to reduce it through monitoring," he said.
The government introduced the surcharge as an alternative to wealth tax to ensure equitable distribution of wealth and reduce economic disparity.
Sajjad Zohir, executive director of Economic Research Group, stressed removing discrepancy between actual purchase prices of property and the registered value of wealth.
"Everyone recognises that the market price of property is way above the registered value."
In order to bring parity in wealth statements of different groups, revaluation of inherited property such as lands and apartments may be considered, he said.
Md Meftha Uddin Khan, commissioner of Tax Zone 6, said the inclusion of new slabs will contribute to a hike in surcharge collection.
He also said a system of valuation based on the contemporary market prices should be introduced.
The Daily Star