Corporate tax rate reduced by two and a half percent
In the financial year 2021-22, it has been proposed to reduce the corporate tax rate of listed and non-listed companies by 2.5 percent.
The proposal was made by Finance Minister AHM Mustafa Kamal while presenting the budget in the National Assembly session at 3 pm on Thursday.
He said, “A competitive tax rate with the existing business-friendly environment will play an important role in the expansion of trade and industrialization of the country. With this in mind, the corporate tax rate was lowered down from 35% to 32.50% in the 2020 Finance Act to meet the expectations of the business community and to expand the business. In the financial year 2021-2022, I am proposing to further reduce the corporate tax rate from 32.50% to 30% for non-listed companies.
Similarly, I am proposing to increase the tax rate for listed companies from 25% to 22.5%. Non-listed company tax rate of 32.5% is applicable for one person company. In order to make the economy more formal and to encourage the establishment of a one-person company, I am proposing to increase the tax rate of one person company to 25%.
The size of this year's budget has been proposed to be 6 lakh 3 thousand 81 crore. Of this, there is a deficit of Tk 2 lakh 14 thousand 81 crore.
