Tax on savings certificate income up to Tk 0.15m exempted

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Interest income up to Tk 0.15 million against savings certificates has been exempted from tax as per the recent amendment to the Income Tax (Amendment) Ordinance 2007, reports UNB.
President Iajuddin Ahmed promulgated Monday the ordinance with effect from July 1 this year.
Tax will be charged on interest income over Tk 0.15m at a rate of 10 per cent.
The budget for fiscal 2007-08 had imposed a tax of 10 per cent at source on the income exceeding Tk 25,000.