• Tuesday, May 21, 2019
  • Last Update : 06:54 pm

KCCI proposes corporate tax rate reduction

  • Published at 03:58 am April 12th, 2019
Khulna Chamber of Commerce and Industry (KCCI)

Ex-president of Khulna Income Tax Lawyers Association and senior advocate Monirul Huda placed the proposal at a pre-budget meeting at a city hotel

The Khulna Chamber of Commerce and Industry (KCCI) has proposed NBR to reduce the corporate tax rate in the coming national budget.

Ex-president of Khulna Income Tax Lawyers Association and senior advocate Monirul Huda placed the proposal at a pre-budget meeting at a city hotel, reports BSS.

He also called for customisation audit system for the private companies without any harassment.

NBR and KCCI jointly arranged the pre-budget discussion meeting ahead of preparing the budget of 2019-2020 fiscal year.

Chairman of NBR and senior secretary of Internal Resource Division Md. Mossarraf Hossain Bhuiyan attended the function as the chief guest while KCCI president Kazi Aminul Haque was in the chair.

Income Tax Commissioner of Khulna Tax Zone Prashanta Kumar Roy conducted the function.

Khulna divisional commissioner, leaders of trade bodies, representatives of different organisations, elite and journalists spoke on the occasion.

KCCI president Kazi Aminul Haque said although the corporate tax rate has been fixed at 25 percent, but most of the companies which are not listed with share market pay taxes at higher rate.

NBR chairman Mossarraf Hussain Bhuiyan said the corporate tax rate in Bangladesh is not so high compared to the neighboring countries.

Revenue collection are increasing 15 to 20 percent every year and revenue target has been fixed to Taka 2, 96,000 crore for the fiscal year 2019-2020, he said.

He, however, said the government aims to present people friendly national budget and provide different facilities for flourishing local industries.

Terming tax net expansion a big challenge for NBR, he said adding that dynamism must be infused in the tax collection process to accelerate GDP growth.