In the national budget for 2018-19 fiscal year, finance minister AMA Muhith on Thursday proposed to reduce the corporate tax rate for banks and financial institutions by 2.5 per cent.
‘We will lose a certain amount of tax revenue from such rationalisation of corporate tax rate. However, this will give a positive signal to our investors,’ Muhith said in his budget speech delivered at the parliament.
Muhith proposed that corporate tax rates for other companies would remain unchanged.
‘With this proposed rate, our highest corporate tax rate will be mostly 40 per cent, and next highest rate will be 37.5 per cent, except for tobacco manufacturers and non-listed mobile phone operators,’ he said.
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