MCCI calls for corporate tax cuts
The Metropolitan Chamber of Commerce and Industry (MCCI) yesterday demanded reduction in corporate tax in the next fiscal year to facilitate trade and investment.
The trade body also urged the government to bring down the highest tax rate to 25 percent for individual taxpayers from the current 30 percent, saying a slash in the rate would encourage taxpayers to disclose their actual incomes.
These pleas were placed at a meeting organised by the National Board of Revenue (NBR) at its headquarters in Dhaka. The revenue administration organises the meet every year to hear the issues and recommendations of businesses before framing tax proposals for a fiscal year.
The MCCI also called for increasing the tax-free income ceiling to Tk 4 lakh from the existing Tk 2.5 lakh, taking into account the rising cost of living.
The trade body demanded a 2 percentage-point cut in advance income tax on imports to 3 percent. Finance Minister AHM Mustafa Kamal is expected to unveil the budget on June 13.
