Tax at source on issuance, renewal of trade licences proposed at Tk 1,000

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FE Report
The government in the new budget has proposed imposition of tax, deductible at source, on issuance and renewal of licences, all export earnings, and re-fixation of tax on hospitals and diagnostic centres, commission income concerning stevedoring, C&F (clearing & forwarding), non-resident courier service, marketing, insurance and general insurance surveyors.
Finance Adviser AB Mirza Azizul Islam in his budget speech Thursday proposed tax, deductible at source, at the rate of Tk 1,000 at the time of issuance and renewal of trade licences by city corporations, adjustable at the time of final tax assessment.
He further said, 'I propose to impose tax deductible at source at the rate of 0.25 per cent on all export earnings, which will be considered as tax finally paid.'
The finance adviser also proposed to re-fix advance tax deduction at source by hospitals and diagnostic centres at the rate of 10 per cent, instead of the existing 5.0 per cent, from the payments made to doctors.
'I propose to impose income tax deduction at the rate of 10 per cent from trustee fee, and 7.5 per cent from freight forwarding agency commission and 10 per cent on interest from savings instruments, if any such interest exceeds Tk 25,000 per annum,' he also said.
Mentioning the reform initiatives, which helped lower the cost of doing business significantly, he said, 'I, therefore, propose to enhance the tax, deductible at source, to 7.5 per cent from 5.0 per cent, on commission income concerning stevedoring, C&F, non-resident courier service, marketing, insurance and general insurance surveyor.