Corporate Tax

The DCCI in Bangladesh goals to decrease corporate tax charges for 3 years

The Dhaka Chamber of Commerce and Industry (DCCI) expects the government of Bangladesh to gradually reduce tax rates over the next three years. The chamber has targeted a 2.5 percent cut in the state budget for the 2021-22 financial year, a further 2.5 percent for the 2022-23 financial year, followed by a further 2.5 percent for the 2023-24 financial year.

The Chamber recently submitted a plan to the National Board of Revenue (NBR)According to media reports from Bangladesh, they point to tax cuts in the next three households.

Corporate income tax for unlisted companies was cut from 35 percent in the last budget to 32.5 percent, while the tax rate for listed companies remained at 25 percent. However, corporate tax rates in the country are higher than neighboring countries such as India (25.2 percent), Pakistan (29 percent), Sri Lanka (28 percent), Vietnam (20 percent) and Indonesia (20 percent) percent) and Myanmar (20 percent) ).

The DCCI has also proposed reducing the time it takes to process VAT rebates for businesses from three months to one month. It also establishes an exemption from paying VAT at source for companies that pay 15 percent VAT. The Chamber has also proposed an exemption from input tax on imports of industrial raw materials and capital machines.

The government of Bangladesh will announce the budget for fiscal year 2021-22 on June 3rd. The size of this budget is expected to be Tk 6 trillion.

Fibre2Fashion News Desk (KD)

The Dhaka Chamber of Commerce and Industry (DCCI) expects the government of Bangladesh to gradually cut tax rates over the next three years. The chamber has targeted a 2.5 percent cut in the state budget for the 2021-22 financial year, a further 2.5 percent for the 2022-23 financial year, followed by a further 2.5 percent for the 2023-24 financial year.

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