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POST TIME: 25 March, 2019 00:00 00 AM
ICAB for slashing corporate tax rate
UNB, Dhaka

ICAB for slashing 
corporate tax rate

The Institute of Chartered Accountants of Bangladesh (ICAB) on Sunday proposed that the government reduce the corporate tax rate by 2 percent on all listed and non-listed corporations of the capital market in the upcoming national budget for 2019-2020 fiscal year.

At a discussion titled 'Chartered accountants' thought on the upcoming national budget' held at CA Bhaban in the city, it also put forward a set of recommendations to ensure proper and easier taxation in all sectors.

ICAB President AF Nesaruddin said it is necessary to increase the number of taxpayers to ensure Bangladesh's graduation to a middle-income country. "Scopes should be created for businessmen," he added.

He also underscored the need for allaying people's fear about tax.

Former ICAB President and ICAB Council Member Humayun Kabir said Bangladesh has the highest rate of corporate tax in

South Asia.

"This discourages foreign companies from investing in Bangladesh," he said, adding that it is a must to cut the corporate tax rate to attract foreign investment.

ICAB Member Snehasish Barua said ICAB is keen to offer help to the National Board of Revenue (NBR) conduct surveys and researches to identify people capable of paying tax, and increasing the tax-to-GDP ratio and tax coverage.

The ICAB proposals placed for better and proper taxation also include introducing tax level-2 at 5 percent and limiting highest tax rate to 25 percent in individual category; 15 percent tax rebate on 25 percent of net income for easier tax count; increasing return submission by contacting ETIN holders and increasing tax-free window to Tk 50 lakh to encourage small entrepreneurs.