State and Scope of Property Taxation in Bangladesh
Tax Base
Tax Exemption
Valuation
Tax Rate
Administration
Section 2: Selected Global Practices of Property Tax
Inheritance Tax
Gross estate (all kinds of financial and non-financial assets) of a deceased person [ known as ‘Estate Tax' in USA
(Federal and at state level), UK, Denmark, and Philippines]
☐ Successors'/Beneficiaries' individual share of the inherited property (known as 'Inheritance Tax' in USA ( in 5
states), Iceland, Finland)
Liabilities and debt of deceased person, funeral expenses, estate administrative costs are exempted in all the
selected countries [in USA), UK, Denmark, Iceland, Finland, Philippines]
Properties up to a certain threshold value is exempted in all the selected countries
Spouses are exempted in all the selected countries except Finland
Market-based capital valuation is used in all the selected countries
Progressive rate in USA (Federal) (18% to 40%) based on the value of the estate
In some other states of USA, classified and/or progressive rate is imposed based on the relationship between
deceased person and the decedents/beneficiaries and/or value of the property
Classified and flat rate is imposed in some other states of USA (e.g., Iowa, Kentucky, Maryland), on firm,
corporation, charitable, educational, or religious organisation etc. where the tax rate varies depending on the
purpose of the organisation
Progressive rate is imposed in Finland (7% to 33%)
☐ Flat rate in UK (40%), Iceland (10%) and Philippines (6%)
Classified rate (15% and 36 %) in Denmark
15% is applied if the estate is passed on to close relatives
36% is applied if the estate is transferred to persons other than close relatives (15% + 25 % additional tax)
Tax assessment, collection and rate determination is conducted by the central government in all the selected countries
Tax assessment, collection and rate determination is conducted at state level in USA for both estate tax in some states
Sin land inheritance tax in some ot
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