National Board of Revenue (NBR) Chairman Golam Hossain has said the corporate tax would be reduced in the next fiscal (2014-15) considering the lower tax rate in the corporate sectors in other countries.
He made the declaration at a press conference in the city on Thursday morning.
He said: “The NBR has decided to reduce the tax rate in corporate sectors from the next fiscal year. Currently, the tax rate is 37.5%. But, it will be 25% in the next fiscal.
We are taking the step considering the lower corporate tax rate in other countries,” he added.
Mentioning that a low corporate tax is maintained in those countries in order to facilitate and boost up the business activities, he said: “The initiative to reduce the tax for corporate sector will increase the number of tax payers.”
He further said the target of revenue collection has been revised to Tk 125,000 crore from Tk 136,000 crore in the current fiscal.
He said: “NBR has already slashed the revenue target for the running fiscal (2013-14) in the context of political unrest that slowed down economic activities.”