Industry

Gvt urged to reduce corporate tax rate

Bangladesh Investment Development Authority (BIDA) and Bangladesh Economic Zones Authority (BEZA) today urged the National Board of Revenue (NBR) to reduce the corporate tax rates in some specific sectors to attract more local and foreign investment.

Officials of these bodies placed their proposals in a pre-budget meeting with the NBR for the next fiscal year (FY22) held at the NBR Conference Room in the city’s Segunbagicha area.

Apart from these two bodies, Bangladesh Export Processing Zones Authority (BEPZA), Bangladesh Hi Tech Park Authority and Business Initiative Leading Development (BUILD) also took part in the pre-budget meetings with NBR Chairman Abu Hena Md Rahmatul Muneem in the chair.

Terming the next budget as a budget for post COVID-19 economic recovery, they also placed a set of recommendations for the investors in customs and VAT.

Proposing for reducing the corporate tax rate to woe more investment, executive member of BIDA Mohsina Yasmin said that the corporate tax rate in Bangladesh is much higher than other neighboring countries for which it is not being possible to attract the foreign investors in large number despite offering various incentives.

She also suggested reducing the corporate tax rate in some specific sectors to attract more investment.

Source: Bangladesh Sangbad Sangstha (BSS)