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Bangladeshi Businesses Call For Income Tax Cuts

by Mary Swire, Tax-News.com, Hong Kong

22 April 2014


The Metropolitan Chamber of Commerce and Industry has called for cuts to both individual and corporate tax rates in Bangladesh, as part of its annual 2014/15 pre-Budget submission to the Government.

Due to the cost of living increases suffered by families, while income tax thresholds have not kept pace, the MCCI is recommending that the initial tax-free income level should be increased to BDT275,000 (USD3,545) from BDT220,000 for individuals.

In addition, to boost business growth and foreign direct investment, the MCCI suggests that the corporate tax rate should be reduced to 20 percent from its current level of 27.5 percent for listed companies, and to 25 percent from 37.5 percent for non-publicly traded companies. The corporate tax rate for financial companies, including banks and insurance companies, would be cut to 35 percent from 42.5 percent.

Among its other proposals, the Chamber is also seeking relief for small importing businesses, through a reduction in the advance income tax on imports from 5 percent to 2.5 percent, and also tax exemptions for the tourism industry to boost its competitive position and provide additional foreign earnings for the country.

TAGS: individuals | tax | business | fiscal policy | banking | insurance | budget | corporation tax | tax thresholds | travel and tourism | tax rates | Bangladesh | individual income tax

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