Firearm licence seekers could face up to Tk1 lakh advance tax
At present, existing regulations require applicants for firearm licences to submit proof of income tax payment for the previous three consecutive fiscal years
Applicants for firearm licences will be required to pay advance income tax ranging from Tk50,000 to Tk1 lakh, according to a proposed provision expected to be included in the upcoming national budget.
Under the proposal, individuals applying for licences for pistols, revolvers, or rifles may have to pay Tk1 lakh in advance tax, while applicants for shotguns may be required to pay Tk50,000, sources at the National Board of Revenue (NBR) indicated.
At present, existing regulations require applicants for firearm licences to submit proof of income tax payment for the previous three consecutive fiscal years.
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According to the policy issued by the Ministry of Home Affairs in July last year, applicants for pistols, revolvers, and rifles must demonstrate a minimum annual income tax payment of Tk5 lakh, while for shotguns the requirement is Tk2 lakh.
Earlier, under the 2016 policy, the requirement stood at Tk3 lakh per year for pistols, revolvers, and rifles, and Tk1 lakh per year for shotguns over the same three-year period.
An NBR senior official, speaking on condition of anonymity to The Business Standard, said the advance tax collected would be adjustable at the time of filing annual income tax returns.
According to data from the Police Headquarters released in February, there are over 53,000 firearm licences in the country, of which more than 48,000 are registered in the names of individuals.
