Finance Minister Abul Hassan Mahmood Ali has proposed to lower the corporate tax rate on the condition that companies use bank transactions for all types of income, and a certain level of expenditure and investment. He has proposed to lower the tax rate by 2.50 per cent in different sectors in the 2024-25 budget tabled on Thursday. The proposed budget kept the existing corporate tax rate of 37.50 per cent for publicly traded banks, insurance, financial institutions and also for merchant banks. Although the upcoming budget proposed tax rebates for different companies, the finance minister proposed to increase the tax rate for cooperative societies by 5 per cent. Those mobile phone operator companies not publicly traded will still have to pay the 45 per cent tax rate, the minister said.

Source: bd News24 June 06, 2024 12:27 UTC