5 Percent source tax up to 5 Lakh Taka

Finance Minister AHM Mustafa Kamal has said that up to Tk 100,000 will be deducted from the source of tax on all types of savings. This rate will be effective from July 1st this year(2019).

The finance minister said this at a press conference at the secretariat on Monday (29.07.2019). Chairman of the National Board of Revenue (NBR). Musharraf Hossain Bhuiyan was present. The minister said the NBR will issue a notification soon.

At the time of announcing the budget for the current financial year, the minister said that taxes on all sources of savings will be deducted by 5 percent. Later, according to an NBR notification, the source tax on pension savings will be 5 percent.

There is confusion among the common people about the tax on source of savings. Finance Minister cleared the position at today's press conference.

Mustafa Kamal said the government has not yet finished preparing to incentivize 2 percent on the money sent to the expatriates. However, from the first of July, the expatriates who send money will be provided with 2% financial assistance.