Foreign investors demand cut in corporate tax

The Foreign Investors' Chamber of Commerce & Industry (FICCI) yesterday called for a reduction in the corporate tax rate for the non-listed companies gradually to 25 per cent to encourage investment.

FICCI President Rupali Chowdhury made the demand at a pre-budget discussion at the National Board of Revenue (NBR).

At present, companies that are not listed with the stock exchanges face 32.5 per cent tax on their incomes. It is 25 per cent for the listed firms.

The revenue administration organised the event to take stock of the issues and receive recommendations from businesses ahead of the formulation of tax measures for the fiscal year 2021-22. The FICCI also asked the NBR to increase companies' promotional expenditure from 0.50 per cent of their turnover.