NBR to slash corporate tax

The National Board of Revenue (NBR) will slash corporate tax in the next fiscal year. Tax in corporate sector will be reduced in 2014-2015 fiscal year, NBR Chairman Golam Hossain said at his office in the city on Thursday. The tax for the corporate sector in the current fiscal (2013-14) is 37.5 percent. However, the NBR chief did not make it clear by what percentage points the tax will be cut in this sector in the coming fiscal. The NBR has also reduced revenue target by 8.08 percent from the projected figure of the 2013-14 fiscal. The revenue target was Tk 1,360 billion for the current fiscal. The decision came in the wake of political turmoil over the January 5 national elections. The NBR obtained revenue of Tk 590 billion till January, 2014, Tk 40 billion less than the target for the first seven months of the ongoing fiscal. The government had projected Tk 1,674 billion revenue generation in the budget for 2013-14, according to a news agency.