The central bank has asked the commercial banks to follow the instruction, issued by the National Board of Revenue (NBR), regarding deduction of tax at source on prize bond and savings certificates.
The Bangladesh Bank (BB) issued a circular in this connection Wednesday and asked the managing directors and chief executive officers of all banks to comply with the NBR instruction relating to deduction of tax at source on the instruments.
The banks will have to deduct 10 per cent tax at source on yield gains from prize bond and savings certificates from July 1, 2011 and onward, according to the NBR instruction.
Holders of prize bond and savings certificates will enjoy tax exemption on their profit gains from the instruments purchased before July 2011.
NBR has given the instruction to clarify the issue of deduction of income tax at source on profit received by small savers.
10pc tax on profit of prize bond, savings tools
FE Report | Published: May 22, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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