DHAKA:  Finance Minister AHM Mustafa Kamal said five percent tax at source would be applicable to all types of savings certificates, including family savings certificates, up to Taka 5 lakh investment to facilitate the small savers and pensioners.

The minister said: “There has been a lot of confusion about savings after budget was passed. So those who have Taka 5 lakhs in savings, tax rate will be 5 percent in case of the savings certificates over Taka 5 lakh, tax rate will be 10 percent at source.”

The Finance Minister was talking to reporters at the Secretariat on Monday (July 29). National Board of Revenue (NBR) Chairman Md Mosharraf Hossain Bhuiyan was present.

He said initially the idea of launching the savings certificates was noble and it was to help the marginalized people who are not solvent.

AHM Mustafa Kamal said: “A separate notification will soon be issued on savings certificates. Those who have investment more than five lakhs will pay 10 percent tax at source, below than this investment, or for small investors and pensioners, they will pay 5 percent source tax.

BDST: 2047 HRS, JULY 29, 2019

AH/SMS