Chittagong Bureau :
Chittagong City Corporation (CC) is incurring revenue loss amounting to Tk8 crore every year as it rents out spaces to the advertising companies to erect hoardings at a very low rate compared to other government authorities.
The Corporation rented out over 3,63,767 square feet space for erecting hoardings at the rate of Tk.50 per square feet (sft) while the rates of Bangladesh Railway (East Zone) and Bangladesh National Housing Authority are Tk 275 per sft and Tk 255 per sft respectively.
However, 219 advertisement companies authorised by the CCC rent out spaces at Tk1,000 per sft to their clients to set up hoardings in the city.
“If we raise the rent of all legal hoardings of the corporation at the rate of Tk275 per sft, the total annual revenue income will stand at Tk10,00,35,925. But the corporation currently earns only Tk18,18,88,350 as annual revenue from hoardings which means it is incurring loss of Tk8, 18, 47, 575 every year, not to mention the revenue loss from unauthorised illegal billboards,” said an official of CCC.
As per Bangladesh gazette published on August 1, 2003, Bangladesh Railway fixed the rate for renting out hoardings at Tk275 per sft while as per the CCC gazette published on May 5, 2004, the corporation fixed Tk50 per square feet for setting up hoardings.
Admitting to the huge revenue loss incurred from hoarding sector, Ahmedul Hoque, Chief Revenue Officer of CCC, said,”We cannot fix any new rate in accordance with the gazette. We have already sent a revised rate to the authorities concerned four years ago. We are yet to get any feedback from them.”
Chittagong City Corporation (CC) is incurring revenue loss amounting to Tk8 crore every year as it rents out spaces to the advertising companies to erect hoardings at a very low rate compared to other government authorities.
The Corporation rented out over 3,63,767 square feet space for erecting hoardings at the rate of Tk.50 per square feet (sft) while the rates of Bangladesh Railway (East Zone) and Bangladesh National Housing Authority are Tk 275 per sft and Tk 255 per sft respectively.
However, 219 advertisement companies authorised by the CCC rent out spaces at Tk1,000 per sft to their clients to set up hoardings in the city.
“If we raise the rent of all legal hoardings of the corporation at the rate of Tk275 per sft, the total annual revenue income will stand at Tk10,00,35,925. But the corporation currently earns only Tk18,18,88,350 as annual revenue from hoardings which means it is incurring loss of Tk8, 18, 47, 575 every year, not to mention the revenue loss from unauthorised illegal billboards,” said an official of CCC.
As per Bangladesh gazette published on August 1, 2003, Bangladesh Railway fixed the rate for renting out hoardings at Tk275 per sft while as per the CCC gazette published on May 5, 2004, the corporation fixed Tk50 per square feet for setting up hoardings.
Admitting to the huge revenue loss incurred from hoarding sector, Ahmedul Hoque, Chief Revenue Officer of CCC, said,”We cannot fix any new rate in accordance with the gazette. We have already sent a revised rate to the authorities concerned four years ago. We are yet to get any feedback from them.”
