NBR chairman told the media on Thursday (June 21th) at the Metropolitan Chamber of Commerce and Industries (MCCI).
He said, "In the proposed budget of the new fiscal year, the proposal to reduce corporate taxes in the bank sector, if they do not give loans to the business, they will not get the benefit."
He further said, "Banks have reduced their tax rates to Lucky. But if the lending rate is not fixed, the banks will not get this benefit.
Finance Minister Abul Maal Abdul Muhith presented a budget proposal of 4 lakh 64 thousand 573 crore for the fiscal year 2018-19 in the Jatiya Sangsad on June 7. In this budget, the proposed tax rate of 37.5 percent of corporate tax in the capital market is reduced from existing 40 percent of corporate tax.
And the proposal to reduce corporate tax of unregistered banks, insurance and financial institutions is reduced from 42.5 percent to 40 percent.
MCCI organized a press conference to respond to this.
Earlier on Wednesday, the association chairman Nazrul Islam Majumdar said, after the meeting of the private bank owners' association of Bangladesh Association of Banks (BAB), they decided to reduce interest rates on bank loans to 9 percent and implement the interest rate of 6 percent. It has also been informed that punitive action will be taken against those banks who do not accept this directive.
NBR Chairman said, 'You have seen that the banks have already announced to reduce interest rates.'
However, he did not give any clear idea about how the government would adjust its corporate tax rate with interest rates.
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