To support the growth of cottage, micro, and small and medium-sized companies (CMSMEs), the Bangladesh Chamber of Industries (BCI) has proposed a five-year tax holiday, starting from the fiscal year 2024–2025.
BCI President Anwar-Ul Alam Chowdhury placed the budget recommendations on 28th February on behalf of the chamber at a meeting at the NBR headquarters in Dhaka.
“Almost 45 per cent of micro and small entrepreneurs have shut down their businesses in the past two years,” BCI President Anwar-Ul Alam Chowdhury said during a pre-budget discussion with National Board of Revenue (NBR) Chairman Abu Hena Md Rahmatul Muneem.
Additionally, Chowdhury suggested a 2.5 percentage point unconditional cut to the corporate income tax (CIT). For listed firms, the current CIT is 22.5 per cent, whereas for non-listed corporations it is 27.5 per cent.
“The CIT in Bangladesh is still higher compared to nearby countries. If the CIT is reduced, it will encourage local businesses,” said Chowdhury.
