Thursday, June 11th, 2020

Non-listed companies get 2.5 pc tax cut

Published 10:42 pm | June 11, 2020

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Online desk : Non-listed companies would have to pay 2.5 percent less corporate tax in next fiscal year, according to Finance Minister A H M Mustafa Kamal’s budget speech read out at Jatiya Sangsad on Thursday.

“To ease the tax burden of valued taxpayers at this critical time of the Covid-19 pandemic, I propose a 2.5 percent reduction in the tax rate of non-publicly traded companies to fix it at 32.5 percent from that of 35 percent,” said the minister.

Except for banks, leasing and insurance companies, mobile phone companies and cigarette manufacturers, tax rates for publicly traded companies and non-publicly traded companies have remained 25 percent and 35 percent respectively since FY 2014-15.

Bank and financial institutions have long been demanding for reducing corporate tax to 32 percent from existing 37.5 percent.

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