These products will be showcased at Bangladesh missions abroad, airports, and key locations nationwide, industries ministry minister says
Bangladesh reverses tax hike plan for mobile money companies
The government has scrapped a plan to raise corporate tax on mobile financial service providers in fiscal 2021-22.
Published : 29 June 2021, 11:43 AM
Updated : 29 June 2021, 11:56 AM
Finance Minister AHM Mustafa Kamal had proposed an increase in the tax rate from 32.5 percent to 35.5 percent for listed mobile money companies and 40 percent for non-listed ones.
Parliament passed a motion, brought by Moulvibazar-4 MP Md Abdus Shahid, in voice vote to drop the proposed hike on Tuesday before the passage of the Finance Bill.
Launched by bKash in 2012, about 16 companies in Bangladesh now provide mobile financial services. They include Nagad, Rocket, Ucash, mCash, SureCash and Upay.
Experts opposed the proposal to raise the tax on these companies saying mobile banking is a way to involve the poor in the financial sector and raising the taxes would ultimately hurt the poor.
They said mobile money is also playing a key role in tackling the coronavirus pandemic by helping people stay at home.
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