January 10, 2025 09:01 pm (IST)

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Bangladesh

Muhammad Yunus-led govt doubles corporate tax rates for producers of fridges, freezers, air conditioners and motorbikes. Photo Courtesy: PID Bangladesh

Bangladesh: Yunus govt doubles corporate tax rates for producers of fridges, freezers, air conditioners and motorbikes

India Blooms News Service | @indiablooms | Jan 10, 2025, at 05:49 pm

#Bangladesh #CorporateTax #YunusGovernment #BangladeshEconomy

A Bangladesh government notification released recently said producers of fridges, freezers, air conditioners and motorbikes will have to pay 20 percent corporate tax from July 1.

It marks the doubling of the existing rate.

The increased tax rate will be applicable until 30 June 2032, the notification issued by National Board of Revenue (NBR) said as quoted by Daily Sun.

In July 2009, the NBR started allowing low corporate tax rate for vehicle and electronic appliance manufacturers for bolstering local manufacturing competence, the news portal reported.

The producers needed to pay 5 percent annual corporate tax.

The rate was later revised and increased to 10 percent in 2020.

Now the Prof Muhammad Yunus-led interim government has further doubled the tax to increase state earnings and secure the full $4.7 billion IMF bailout package, the news portal reported.

The Yunus-led government came to power following the toppling of former PM Sheikh Hasina's regime on August 5, 2024, amid massive protests against her administration.

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