Finance Minister AHM Mustafa Kamal today proposed fixing the rate of income tax for artificial juridical persons – that includes corporations, government agencies, and NGOs — at 30%.
He said currently artificial juridical persons enjoy taxes at the rate applicable for individual taxpayers, which "is inconsistent with our philosophy of taxation".
He recommended fixing the tax rate for artificial juridical persons and other entities, not otherwise defined, at 30%.
The finance minister also mentioned the applicable tax rate on income arising out of operation of private universities, private medical, dental and engineering colleges, as well as private colleges, solely engaged in imparting education on ICT has been reduced at 15% through an SRO (Statutory Regulatory Order).
He proposed the House to include the rate of 15% in the finance act.