NBR to slash corporate tax

NBR Chairman Golam Hossain talks to reporters at his office in the capital on Thursday. Photo: TV grab

National Board of Revenue (NBR) will reduce tax in corporate sector in the fiscal year 2014-15, its Chairman Golam Hossain said today.

The tax for the sector is currently 37.5 percent in 2013-14 fiscal year.

However, he did not make it clear by what percentage points the tax will be reduced.

On the other hand, the tax rate will be increased on tobacco products, the NBR chairman said at a press conference at its office in the capital.

The initiative to reduce the tax for corporate sector will increase the number of tax payers, NBR chairman hoped.

"And it will also reduce tax evasion in the sector," Hossain added.

In the current fiscal year, the target of revenue collection has been revised to Tk 1,25,000 crore from Tk 1,36,000 crore, he said at the press briefing.