Finance Minister AHM Mustafa Kamal today proposed doubling the property registration tax for the next fiscal year in order to increase the government's revenue collection.

In his budget speech for fiscal 2023-24, Kamal suggested raising the property registration tax in various areas, including Dhaka, Chattogram, Narayanganj and Gazipur, to 8 per cent from the existing 4 per cent.

For example, people buying property in the capital's Gulshan, Banani, Motijheel, Dilkhusha, North South Road and Mohakhali areas currently pay 4 per cent of the deed value or Tk 10.8 lakh, whichever is higher, as tax for registering each katha.

From the next fiscal year starting in July, the amount could be raised to 8 per cent of the deed value or Tk 20 lakh, whichever is higher.

Besides, people now pay a 3 per cent property transfer tax in the municipal jurisdictions of any district, but Kamal proposed raising the rate to 6 per cent for fiscal 2023-24.

In addition, a 1 per cent transfer tax is charged for property in areas that are not in the specified schedule. So, Kamal proposed raising the rate to 2 per cent for the next fiscal year.