Pensioners, wage earners relieved of tax burden
FE Report | Friday, 6 June 2014
The budget for 2014-15 has exempted taxes on interest income from investment on pensioners' savings certificate and wage earners' bond up to Tk 500,000.
Presently, the rate of tax at source is 5.0 per cent on pensioner savings certificate and wage earners' development bond.
In his budget speech, finance Minster AMA Muhith proposed the tax exemption from the two types of savings instruments considering the pensioners' lives and the contribution of wage earners.
The maximum limit of an individual pensioner savings certificate is at Tk 5.0 million and minimum is Tk 0.05 million, but there is no limit in case of wage earner bonds.