No significant changes were shown in personal income tax in this years' budget, said speakers of a roundtable meeting organised by The Association of Chartered Certified Accountants (ACCA) in Bangladesh.
The virtual roundtable meeting was held on 12 June 12 on the government's proposed budget for the fiscal year 2021-22, said a press release.
Corporate tax has been reduced by 2.5% while MFS companies have been brought under a separate tax rate, Seezan Mumith Choudhury, FCCA, partner at ACE Advisory said addressing the event.
"These companies are now being accepted in many places, making it easier to overtake cash transactions.", he added.
He said, companies will have to submit financial statements every 6 months from now on that will increase transparency for inclusiveness in tax and VAT reporting.
ACCA Bangladesh and experts from various sectors including Arif Al Islam, MD and CEO of Summit Communications; Mamun Rashid, Managing Partner of PWC Bangladesh; and Masud Khan, Chairman of Unilever Consumer Care Limited also shared their insights at the event.
From ACCA Bangladesh, Shah Waliul Manzoor; Senior Business Development Manager (Learning), Abdullah Al Hasan; Marketing Manager, GM Rashed; Business Services and Compliance Manager and Syeda Sadia Afroze were also present.
The event was moderated by Prawma Tapashi Khan, ACCA, Head of Education of ACCA Bangladesh in partnership with ACE Advisory and TaxHouse Bangladesh Limited.