Govt considering corporate tax cut, says Muhith

Finance minister Abul Maal Abdul Muhith on Saturday said, the government is considering a suggestion from businessmen about reducing the corporate tax rate, reports UNB.

The minister revealed the information while speaking as a chief guest at a “Pre-Budget Discussion” organised by Dhaka Chamber of Commerce and Industry (DCCI) at Bangabandhu International Conference Centre, according to a press statement.

Mentioning the increasing number of young tax payers as good sign, he also said, the government has undertaken a plan to introduce two-slab vat in the coming 2019-20 financial year.

Bangladesh Investment Development Authority (BIDA) has taken initiative to start on stop service to attract local and foreign investors through which investment assistance can be provided within seven months after submission of proposal, said the minister.

Interest rate on savings account will be reviewed after declaring the coming budget, he added.

Muhith also stressed on the importance of ‘Competition Act’ to ensure balanced competition among the commercial institutions of the country.

He also stated the 26 government organisations’ share being unable to enter the capital market as frustrating.

In the programme, former advisor of caretaker government AB Mirza Md Azizul Islam, and National Revenue Board (NBR) chairman Md Mosharraf Hossain Bhuiyan were present as the main discussants.

In his opening speech DCCI president Abul Kashem Khan said, Dhaka chamber believes that it is important to simplify the tax policy and reform other policies before the next budget as well as to reduce current tax rate, provide tax card, reducing business expenditure, attract foreign investment, modernise communication infrastructure and so on.