Corporate tax rates remain unchanged for all

The government wants to keep the corporate tax rates unchanged for all sectors for the fiscal year 2023-24, said Finance Minister AHM Mustafa Kamal today.

"…as a part of efforts to achieve tax gross domestic product growth target I am proposing to retain the existing structure of corporate tax rate…for FY 2023-24 applicable for taxpayers other than individuals," he said in his budget speech.

Currently, the corporate tax rate for listed companies is 20 per cent while 27.5 per cent for non-listed companies. These rates are not applicable for banks, insurance companies, non-bank financial institutions (NBFIs) and telecommunication and tobacco companies.

The tax rate for listed banks, insurance companies and NBFIs is 37.5 per cent. It is 40 per cent for the non-listed firms in the same categories.