Govt to review savings tools interest rate: Muhith

Next budget to target 7.8pc GDP growth

Staff Correspondent | Published: 20:13, May 01,2018

 
 

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Finance minister AMA Muhith on Sunday said that the government was considering reducing interest rate of the national saving certificates.
He also hinted at cutting the corporate tax rate during a pre-budget discussion with the leaders of Dhaka Chamber of Commerce and Industries at secretariat.
Led by president Abul Kasem Khan, DCCI placed before the minister a number of demands including cut in corporate tax rate to up to 25 per cent from the present highest rate of 45 per cent, borrowing facility at single digit interest rate and higher allocations for research and development and export diversification.
Muhith said that change in the corporate tax rate could be expected in the new budget. He, however, did not say how much rate would be cut.
He also said that he was supposed to review the interest rate of the savings certificates by this time.
‘Review of the interest rate of the state-owned saving instruments will be done soon,’ he said.
Focusing on the demand for borrowing facility at single digit, he said that the government had already decided to keep up to 50 per cent fund of the state-owned agencies in the private banks to check liquidity crisis.
Now a new decision has been taken so that the state-owned agencies cannot ask for more than nine per cent interest rate on the funds deposited to the private banks, he said.
Muhith said that he was planning to introduce tax cards for every taxpayer with distinguished colour for taxpayers who paid higher tax.
Earlier, Muhith presided over the meeting of the coordination council of macro-economy and decided to project growth of the gross domestic product at 7.8 percent in the new fiscal year beginning from July 1, said the officials.
The overall budget layout would be around Tk 4,60,000 crore.  

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