Business Desk :
Banking sector gets the corporate tax cut facility fortunately as the finance minister had a plan to reduce this tax rate but wholesale reduction of such tax affects revenue earnings, said NBR Chairman Md Mosharraf Hossain Bhuiyan.
Speaking at a discussion on the proposed national budget for fiscal year 2018-19 (FY19), he said corporate tax has been reduced for banking sector as this tax rate is higher for this sector except mobile phone operators and tobacco.
There is also another reason behind lowering this tax for banks-creating pressure for downsizing lending rate, he said, adding that though it has not been done directly. “Ultimately, they (banks) will be told to lower lending rate,” he added.
Metropolitan Chamber of Commerce and Industry (MCCI) and Policy Research Institute (PRI), a private research organization, jointly organized the discussion with MCCI president Nihad Kabir in the chair.
PRI executive director Ahsan H Munsur and KPMG’s senior partner Abid H Khan presented two keynote papers.
