The government wants to keep the corporate tax rates unchanged for all sectors for the fiscal year 2023-24, said Finance Minister AHM Mustafa Kamal today.
The economy would perform better if the tax code would only let it. In the past, this has meant tax reform efforts moving toward expensing and lower tax rates, a result following naturally when assuming markets operate under perfect competition.
Over the past several decades, other nations have generally loweredtheir corporate tax rates, while the U.S. has kept its rate largely unchanged. The U.S. has the second highest rate among OECDcountries today. According to the OECD, "corporate income taxeshave the most negative effect on GDP per capita." Reform of theU.S. corporate tax code is essential to meeting the challenges of aglobal economy.