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Govt halves tax on earnings from savings certificates to 5pc
The government has halved withholding tax to 5 percent on interest earnings from investment of up to Tk 500,000 in savings certificates.
Published : 29 July 2019, 10:45 AM
Updated : 29 July 2019, 06:20 PM
The decision will take retroactive effect from July 1, said Finance Minister AHM Mustafa Kamal at a news briefing at the Secretariat on Monday.
The tax cut is aimed at benefitting small investors and pensioners, the minister said.
In the budget, Kamal had doubled the tax at source on interest earnings from savings certificates to 10 percent regardless the amount of investment.
“We want to maintain transparency in savings certificates because low-income people are the investors here,” he said on Monday.
Responding to a question, he said it would not be possible to punish those investing millions of takas in savings instruments because the law does not stipulate such a provision.
Read the story in Bangla: ৫ লাখ টাকা পর্যন্ত সঞ্চয়পত্রে কর ৫ শতাংশই
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