Reduction of corporate tax for banks proposed

Staff Correspondent | Published: 15:17, Jun 07,2018

Bangladesh Bank

A file photo shows Bangladesh Bank headquarters in Dhaka. — New Age photo

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. 

Want stories like this in your inbox?

Sign up to exclusive daily email