Corporate Tax

The enterprise group is trying to decrease corporate taxes

Also urges official recognition for good borrowers

The Bangladeshi business community expects further corporate tax cuts in the upcoming budget for the next 2021-22 fiscal year.

The government had scientifically reduced corporate income tax for unlisted companies in last year’s budget from 35% to 32.5% to cushion the 7-9% loss from International Support Measures (ISM) in export earnings after the LDC’s conclusion.

However, the tax rate for listed companies remained unchanged at 25% in the last budget.

However, given the ongoing surge in the Covid-19 pandemic and the disruption caused by the numerous waves, the business community expects another tax cut as business costs have risen and consumption has fallen.

Also Read – Nasim Manzur: Tax reforms are essential to make Bangladesh investor-friendly

Former president of the Dhaka Chamber of Commerce and Industry (DCCI) Shams Mahmud told the Dhaka Tribune that companies need to maintain working capital. “Sales and consumption have decreased in numerous sectors and costs to businesses have increased with the current tax structure,” he said.

FBCCI, the country’s Apex trading organization, also reiterated sentiment for a corporate tax cut during the 41st meeting of the budget advisory committee with the National Board of Revenue (NBR) last month.

Its president, Sheikh Fazle Fahim, proposed that the advanced income tax (AIT) be phased out over the next two years and that corporate income tax be reduced by 2.5%.

Faruque Hassan, President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), had also requested exemption from VAT and returns on all local products and services for the clothing industry.

He also called for the withholding tax on exports to be halved from 0.50% to 0.25% and the continuation of the facilities for the next five years in the coming budget.

Also Read – NBR Accelerates The Collection Of Revenue

The business community has also expressed solidarity with the current provision of white money.

In the last budget, the government allowed the lightening of illicit money by investing in the stock market and in the real estate industry against a certain percentage of the tax for one year.

“We support fiscal measures to legalize undisclosed and untaxed money in the upcoming budget, but the government needs to make a clear distinction between undisclosed, untaxed money and illegal money derived from crimes such as human trafficking, drug smuggling, etc.,” Shams Mahmud said .

Instead, the government must incentivize good borrowers. Good borrowers should be recognized in the upcoming budget, he added.

The business community has also expressed an expansion of the tax base to encourage businesses and individuals to pay taxes and to formulate policies that link small and medium-sized enterprises (SMEs) and government-initiated economic zones (EZ).

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