NBR Doubles Corporate Tax for Appliance Makers to 20%

In 2023, tax evasion in Bangladesh reached Tk 226,236 crore, with corporate tax evasion alone accounting for approximately Tk 113,118 crore—about 50% of the total—according to a CPD study based on 103 listed companies.

The National Board of Revenue (NBR) of Bangladesh has declined the International Monetary Fund's (IMF) proposal to increase tax collection by an additional Tk 570 billion for the upcoming fiscal year. In a recent meeting, NBR officials conveyed that the current economic conditions are not conducive to imposing such a substantial tax burden.

Benapole, Bangladesh’s busiest land port, recorded a 13.19% revenue growth despite a decline in imports. For FY25, the customs house targeted Tk6,705 crore in revenue, with Tk4,453.31 crore expected in the first eight months.

The Centre for Policy Dialogue (CPD) warns that Bangladesh’s revenue shortfall may reach Tk 1.05 trillion in FY25, as revenue collection grew only 4.4% in July-December, making a 55% increase in the remaining period unrealistic.

Singer Bangladesh has opened a new home appliances plant in the Bangladesh Special Economic Zone (BSEZ) in Araihazar, Narayanganj, as part of its expansion strategy to boost local manufacturing. The project, approved by the board on March 30, 2022, involved an investment of Tk 603.89 crore, with Tk 580.33 crore allocated for machinery and plant construction.

The National Board of Revenue (NBR) has reduced the source tax on imported fresh fruits from 10% to 5%, as per a Statutory Regulatory Order (SRO) issued by the Income Tax Wing on Thursday. The tax applies to fresh or dried oranges, citrus fruits, grapes, lemons, apples, and pears.