The wealth tax has not increased at the same rate as Bangladesh's economy over the past ten years. Wealth tax is anticipated to rise by 0.4 per cent for every 1 per cent increase in GDP.
As a result, Bangladesh loses 6,000 crores in wealth tax annually, according to a study conducted by the research institute Center for Policy Dialogue (CPD).
Debapriya Bhattacharya, a distinguished fellow of the research organization, presented the results of the study at the Dialogue on State and Scope of Property Taxation in Bangladesh at a city hotel on Wednesday.
He said that Bangladesh's wealth tax situation is comparable to Africa. African countries have a wealth tax of 0.3 per cent of GDP. In Bangladesh, this rate is 0.27 percent. As a result, there is a significant rise in social inequality.
The speakers in the discussion emphasized the need to use the land for productive purposes rather than leaving it fallow. If not, they suggested raising the tax rate that would be applied to such land.