DCCI proposes NBR to slash corporate tax rates in next budget

The Dhaka Chamber of Commerce & Industry (DCCI) on Tuesday proposed the revenue authority to slash corporate tax rates in phases for listed and non-listed companies in the upcoming budget.

The chamber also recommended the National Board of Revenue (NBR) to increase tax-free income limit for individual taxpayers and lowering surcharge on net wealth ceiling after re-structuring.

The proposals were made at a pre-budget meeting arranged by the NBR with DCCI at NBR auditorium in the city’s Segun Bagicha.

NBR chairman Md Mosharraf Hossain Bhuiyan presided over the discussion, while DCCI president Abul Kasem Khan, senior vice-resident Kamrul Islam, vice-president Riyadh Hossain, director Imran Ahmed, director Humayun Rashid and NBR member Kanon Kumar Roy were also joined.

Placing the proposals, DCCI president Mr Khan said tax-free income threshold should be raised to Tk 0.3 million for individual taxpayers from existing Tk 0.25 million considering the increased cost of living.

He recommended for lowering the corporate tax rates for different companies in phases in next three budgets for FY 2018-2019, 2019-2020 and 2020-2021 by 5.0 per cent, 7.0 per cent and 10 per cent respectively.

He proposed corporate tax for non-listed companies to 30 per cent from existing 35 per cent, for listed companies to 20 per cent from 25 per cent, and for merchant banks to 32.5 per cent from 37.5 per cent.

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