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Search date: 25-06-2019 Return to current date: Click here

PM aide hints at lifting tax on retained income

FE Report | June 25, 2019 00:00:00

A Prime Minister's aide on Monday hinted at the withdrawal of fiscal proposal for 15 per cent tax on retained earnings and reserves of the listed companies.

Private sector and investment adviser to the Prime Minister Salman F Rahman made the suggestion at a programme, where the UNCTAD world investment report-2019 was launched at a city hotel.

He said business people have remained concerned over the possible impact of such fiscal measure.

"We're taking the issue very seriously. Actually, it is double taxation because retained earnings are already a tax-paid amount," he said.

Mr. Rahman went on; "We've also pointed it out. More work will be done before the finalisation of the budget. We're looking into the matter."

The government proposed a 15 per cent tax on retained earnings and reserves in the national budget for FY'20, triggering a concern among business people who feared it would hamper expansion of the companies.

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