2.50pc corporate tax cut proposed

Finance Minister AHM Mustafa Kamal has proposed a 2.50 percent tax cut in the 2020-21 budget for companies not listed in the stock exchange. He made the proposal during his budget announcement on Thursday (June 11th).

At present, the tax rate on all companies except banks, financial institutions, leasing, insurance cigarette manufacturers and mobile phone companies listed on the stock exchange is 25 percent. And the tax rate of non-listed companies is 35 percent. The finance minister has proposed to reduce the tax rate of non-listed companies from 35 to 32.50 percent due to the outbreak of coronavirus.

Besides, the finance minister has proposed to reduce source tax for all export oriented companies including readymade garment