Finance Minister says the current rate 'is inconsistent with our philosophy of taxation'
Finance Minister AHM Mustafa Kamal has proposed 30% income tax for artificial juridical persons which includes corporations, government agencies and NGOs.
While presenting a Tk603,681 crore budget for the 2021-22 fiscal, the minister proposed this rate saying that the entities currently enjoyed rates applicable for individuals, which was "inconsistent with our philosophy of taxation."
He also proposed a reduced tax of 15% for income from private universities, private medical, dental and engineering colleges, and private colleges conducting only ICT courses through a statutory regulatory order.
He proposed to the house to include the 15% rate in the Finance Act.