Currently, publicly-traded banks, insurance companies, and financial institutions pay 40% corporate tax
Finance Minister AMA Muhith told reporters on Monday afternoon that corporate tax rates will see a slight decrease this year.
The minister was speaking to the press at the Secretariat ahead of the upcoming budget presentation on Thursday.
He said: “The uniform 45% tax rates on both publicly traded and non-publicly traded cigarette manufacturers, and non-publicly traded mobile network operators will remain unchanged.
“But all other companies – listed and unlisted, including banks – will see a maximum corporate tax rate of 37.5%”
Currently, publicly-traded banks, insurance companies, and financial institutions pay 40% corporate tax.
With the 2018-2019 budget, AMA Muhith will have 12 budgets, just like his Sylheti predecessor Saifur Rahman. Since it is an election year, and the prime minister’s faith in Muhith has been absolute, it was not unexpected that there would be questions as to whether Bangladesh will see a record 13th budget from the incumbent finance minister, if he retains the position after the elections.
“Let me be clear. I want to retire. I will not be running for a parliament seat. But if the leader [Sheikh Hasina] asks me to reconsider, then I will have to contest.”