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New rent policy by June 30

National Board of Revenue (NBR) Chairman Ghulam Hossain was speaking at the finance minister’s post-budget press meet on Friday.

“We have proposed necessary amendments to the income tax law to bring transparency in house rent collection,” he said.

“This proposal will be passed on June 29 and we’ll prepare a new policy within June 30,” he added.

Rahman said the NBR would impose 50 percent penalty for violations under the new policy.

This policy would allow the authorities to look into rent records of the landlords and the tenants, he said.

He said NBR had identified 162,000 homes where the owners have failed to show their source of income.

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