Ministers, officials appreciate slashing corporate tax for banks, FIs

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DHAKA, June 8, 2018 (BSS) – The government has taken the initiative to
reduce the corporate tax for banks and Financial institutions (FIs) to bring
the lending rate in single digit for accelerating further the country’s
economic activities.

The observation came from the post-budget press conference with Finance
Minister AMA Muhith in the chair at Osmani Memorial Auditorium in the city.

Agricultural Minister Matia Chowdhury, Planning Minister AHM Mustafa Kamal,
Information Minister Hasanul Haq Inu, State Minister for Finance and Planning
MA Mannan, Economic Affairs Adviser to the Prime Minister Dr. Mashiur Rahman,
Power, Energy and Mineral Resources Affairs Adviser to the Prime Minister Dr.
Tawfiq-e-Elahi Chowdhury, Finance Secretary Mohammad Muslim Chowdhury,
National Board of Revenue (NBR) Chairman Mosharraf Hossain Bhuiyan, Economic
Relations Division ERD Secretary Kazi Shofiqul Azam and Bangladesh Bank Governor
Fazle Kabir were present at the press conference. AMA Muhith has proposed to
reduce the corporate tax rate for banks and Financial Institutions (FIs) by
2.5 percent in the national budget for upcoming fiscal 2018-19 unveiled in
parliament on Thursday. The existing rate is 40 percent.

Mustafa Kamal said the aim of the government is to bring the lending rate
to single digit. “If the lending rate comes down to single digit, investment
in the country will accelerate further,” he added.

Moreover, he said, most of the banks and FIs are listed companies, that’s
why, the benefits of the corporate tax will go to the shareholders.

Responding to a question, the planning minister said, every developing
country has some discrimination, but in Bangladesh, the rate of
discrimination is lower than the other developing countries.

Kamal said the government is providing all sorts of policy supports to
increase inflow of remittance as the sector is a major sector for the
country’s development.

Hasanul Haq Inu said the government has been keeping special allocation for
the poor, women and backward people of society in the budget for the last 10
years as the main objective of the government is to alleviate poverty.

“The government is working for increasing the social protection. The main
target of the government is to achieve inclusive growth,” he added.

Mashiur Rahman said the implementation of the development projects will
increase the flow of both foreign and domestic investments.

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