Firearm owners will now have to pay an advance tax ranging from Tk 50,000 to Tk 1 lakh for the registration, issuance, or renewal of licenses for guns, shotguns, rifles, pistols, and revolvers. This proposal was announced by Finance Minister Amir Khosru Mahmud Chowdhury in the budget speech on Thursday.
According to the budget proposal, owners of guns, shotguns, and rifles will need to pay Tk 50,000 as advance tax. For pistols and revolvers, the advance tax will be Tk 1 lakh annually. The relevant authorities will collect this advance income tax through e-challans during the issuance or renewal of firearm licenses.
Previously, firearm owners were also required to pay advance tax, but the amount has now been increased. Earlier, the advance tax ranged from Tk 40,000 to Tk 60,000, depending on the type of firearm. Additionally, applicants for pistol, revolver, and rifle licenses must have paid a minimum of Tk 5 lakh in income tax over the previous three tax years, while shotgun license applicants must have paid a minimum of Tk 2 lakh.
