DHAKA, Feb 10, 2022 (BSS) - Bangladesh Investment Development Authority 
(BIDA) has proposed for reducing the corporate tax rates to woo more foreign 
direct investment in the country.  

  The BIDA made the proposal at a pre-budget meeting for the next fiscal year 
(FY23) with the National Board of Revenue (NBR) held at its conference room 
of the NBR Bhaban in the capital's Segunbagicha area today.

  NBR Chairman Abu Hena Md Rahmatul Muneem presided over the meeting.  

  Speaking on the occasion, BIDA's international investment development 
department director general Shah Mohammad Mahbub said that the international 
investors always consider the corporate tax rates of the neighboring and 
competitor countries before making investment.  

  Stressing the need for reducing the corporate tax rates to motivate the 
foreign investors, he said that the corporate tax rates in many countries 
range from 21 to 24 percent which is 32 percent in Bangladesh for the non-
listed companies which eventually shoots over 40 percent.  

  "Such high rate needs to be reduced. If this can be done, then it would be 
possible to attract the foreign investors and thus Bangladesh could be 
presented more positively before the foreigners," added Mahbub.  

  NBR Chairman Muneem said that there is corporate tax exemption for some 
foreign companies for long-term basis. But, despite this, the government can 
consider the matter relating to corporate tax rates to attract more foreign 
investment.  

  Proposing for repealing the provision for holding mandatory ETINs for the 
directors of foreign firms, Muneem said that the directors of the companies 
need to have ETINs as per the law.  

  But, the large-scale investors do not stay in Bangladesh without business 
or travel purpose for which there is a need to repeal the provision for 
having mandatory ETINs by them.  

  BIDA also proposed for bringing the local agents of online platforms like 
Facebook, Google and Amazon under the corporate tax rate net.  

  Besides, BIDA proposed for reducing the advance tax on the dividends of 
companies to 10 percent from 20 percent and for the individuals at 5 percent 
from 10 percent.

  Apart from BIDA, Bangladesh Economic Zones Authority (BEZA), Bangladesh 
Export Processing Zones Authority (BEPZA), research organizations BUILD among 
others held pre-budget meetings with the revenue board.