Niaz Mahmud
Finance minister AHM Mustafa Kamal has proposed a reduction in corporate taxes for the upcoming fiscal year.
The minister proposed to bring tax rates for non-listed companies to 30 per cent from 32.5 per cent, and for listed companies to 22.5 per cent from 25 per cent.
The finance minister unveiled the proposed budget of Tk 603,681 crore for 2021-22 fiscal year at the national parliament on Thursday.
The minister, however, proposed an increase in tax for mobile financial service providers from 32.5 per cent to 40 per cent.
In his budget speech, the finance minister said: “The present ratio of private investment to GDP stands at 23 per cent. The government has taken initiatives to improve this ratio.”
In line with the ongoing trend of globalisation and keeping in mind the Covid-19 situation it was ask of the hour to revisit existing tax rates in the country, he said.
Corporate tax rate in Bangladesh is higher than the Asian average of 21 per cent and the global average of 24 per cent, according to a leading global audit services network, KPMG.
