BIDA suggests lowering Bangladesh corporate tax rates to attract FDI
15 Feb 22 2 min read
"The overall burden of corporate tax rate in the country stands at 40-45 per cent due to other taxes, including advance income tax and source tax, while the average global corporate tax rate is 21-24 per cent. It is 20 per cent in Vietnam, 25 per cent in Indonesia and 24 per cent in Malaysia," said BIDA director general Shah Mohammad Mahboob in a pre-budget discussion.
BIDA has also called for bringing tech giants, such as Facebook, Google or Amazon, under corporate tax, Bangladesh media outlets reported. At present these companies are only paying value-added tax.
The Bangladesh Economic Zones Authority (BEZA), the Bangladesh Export Processing Zones Authority (BEPZA) and the Business Initiative Leading Development (BUILD) also made suggestions at the meeting.
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National Board of Revenue chairman Abu Hena Mohammad Rahmatul Muneem, who chaired the discussion, however, said corporate tax is relaxed to a great extent in the country.
Fibre2Fashion News Desk (DS)
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