Matia slams tax hike on savings certificates

Former Agriculture Minister Matia Chowdhury on Thursday strongly criticised the finance minister for increasing tax at source on family savings certificate from 5.0 per cent to 10 per cent in the proposed national budget for 2019-20 fiscal year, reports UNB.

Taking part in the general discussion on the proposed budget, Matia said, "I would like to talk about a sensitive issue which I can't support. I can't understand why did he [finance minister] increase the tax at source on the family savings certificates from 5.0 per cent to 10 per cent?"

Stating that savings certificate is a scheme of Prime Minister Sheikh Hasina, she said from helpless widow to insolvent women of rural areas depend on earnings from savings certificates.

"Why did he (Finance Minister) interfere in it when he's giving various benefits to businesspeople, increasing the salaries and benefits of government employees and teachers and also giving various facilities to different sectors? I can't understand why've you touched your hands in the savings certificates?" Matia said.

She also said though Finance Minister AHM Mostafa Kamal is keeping the scope for whitening the black money, he is not increasing the ceiling on buying savings certificates.

The former minister sought the Prime Minister's special attention in withdrawing the finance minister's proposal for increasing tax at source on the family savings certificates.