Firearm licence seekers could face up to Tk1 lakh advance tax
At present, applicants must submit proof of income tax payments for the previous three consecutive fiscal years.
Applicants seeking firearm licences could be required to pay advance income tax ranging from Tk50,000 to Tk1 lakh under a proposed provision expected to be included in today's (11 June) national budget.
Individuals applying for licences for pistols, revolvers or rifles may have to pay Tk1 lakh in advance tax, while applicants seeking shotgun licences may be required to pay Tk50,000, sources at the National Board of Revenue (NBR) indicated.
The proposed measure would add to existing eligibility requirements for firearm licence applicants.
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At present, applicants must submit proof of income tax payments for the previous three consecutive fiscal years.
According to a policy issued by the Ministry of Home Affairs in July last year, applicants for pistols, revolvers and rifles must demonstrate annual income tax payments of at least Tk5 lakh, while applicants for shotguns must show annual tax payments of at least 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 official, speaking to The Business Standard on condition of anonymity, said the advance tax paid at the time of licence application would be adjustable against an individual's tax liability when filing annual income tax returns.
According to data released by Police Headquarters in February, more than 53,000 firearm licences are currently registered in the country, including over 48,000 held by individuals.
