Thursday, October 19, 2017

Bangladesh insurers seek withdrawal of insurance policy tax

The Bangladesh Insurance Association, an organization of private insurance companies in the country, is seeking the scrapping of tax on gain from life insurance policy to ensure the sustainability of small investors.

The association’s call was made as other financial institutions in the country urged the revenue board of Bangladesh to rationalize the corporate tax rates that are currently implemented.

Bangladesh’s The Financial Express reported that insurers want taxes on gains from life insurance policies to be withdrawn to ensure that small players in the country’s insurance market will not be affected by the tax measures.

The association also suggested that corporate tax rates for life insurance firms in Bangladesh be cut to make the rates similar to what neighbouring countries are imposing. Stakeholders from the country’s stock exchange, banking and non-banking financial institutions, insurance, leasing, and small and medium enterprises met with the National Board of Revenue to air their respective proposals for the fiscal year 2015-2016.

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