On 5 June 2014, the Bangladeshi Minister of Finance presented the 2014-2015 Budget to the National Parliament. The Budget includes a reduction of the standard corporate tax rate from 37.5% to 35%. However, merchant banks would remain subject to the 37.5% rate. A reduction of the minimum tax rate from 0.5% to 0.3% of annual turnover is also included. The reduced corporate tax rate of 27.5% for publicly traded companies and the increased rate of 42.5% for banks (non-merchant), and insurance and financial institutions would remain the same.