Tuesday, 15th June, 2021
Tuesday, 15th June, 2021
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ICAB calls to lift extra tax on Bkash, Nagad, Rocket

In most cases, low-income group of people avail mobile phone financial services (MFS) from Bkash, Nagad and Rocket. But, tax on these MFS providers has been increased. The proposal in the budget should be withdrawn to attract people to the MFS service providers.

Leaders of the Institute of Chartered Accountants of Bangladesh (ICAB) made the proposal while speaking at a virtual press conference, styled “VAT, Income Tax, Import Duty and Macro-Economic Policy in the National Budget” in the capital on Saturday.

ICAB president Mahmudul Hasan Khasru delivered address of welcome, while ICAB’s former president Md Humayun Kabir moderated the discussion. Council members Md Shahadat Hossain and Snehashish Barua presented a paper. ICAB member Siddharta Barua delivered concluding address.

ICAB said that the corporate tax rate for the MFS companies listed with the capital market has been proposed to raise from 32.50 per cent to 37.50 per cent, while the rate for the non-listed companies has been proposed 40 per cent. “The proposed rate will have a very negative impact on the country’s overall digitalisation,” it said.

Regarding the overall macro economic situation, the ICAB leaders said the proposed national budget is mainly a deficit budget, but it is not a negative one.

If necessary, the government will have to borrow money to keep the economy vibrant. It will help generating employment opportunities and flow of money to people at grassroots level, they said.

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