Small investors to get back their money soon
Monday, 10 December 2007
S M Jahangir
Small investors are expected to get refund of the tax money, which was earlier deducted at source against interests accrued from savings instruments, under the revised official provision.
A proposal to this effect is now under the active consideration of the National Board of Revenue (NBR), sources said.
"The authorities are considering paying back the money deducted earlier by the government as tax at source from the interests on savings instruments, to the investors especially whose income is below the tax slab of Tk 150,000," said an official.
Such move has been initiated against the backdrop of the financial needs of the small investors, especially who are largely dependent on the income from savings tools.
The tax deducted at source of the investors whose income has already crossed the minimum tax-exempt ceiling, could either be readjusted or repaid at the time of filling their returns for the next financial year, the source mentioned.
Earlier, the authorities had deducted tax at source at the rate of 10 per cent from the interest amounting to Tk 25,000 and above on various state-run savings certificates in line with an official circular that came into effect from July 1, 2007.
Later, the government had raised the minimum tax-exempt ceiling of interest on savings tools to Tk 150,000 following strong criticism and opposition from various quarters including the investors.
Small investors are expected to get refund of the tax money, which was earlier deducted at source against interests accrued from savings instruments, under the revised official provision.
A proposal to this effect is now under the active consideration of the National Board of Revenue (NBR), sources said.
"The authorities are considering paying back the money deducted earlier by the government as tax at source from the interests on savings instruments, to the investors especially whose income is below the tax slab of Tk 150,000," said an official.
Such move has been initiated against the backdrop of the financial needs of the small investors, especially who are largely dependent on the income from savings tools.
The tax deducted at source of the investors whose income has already crossed the minimum tax-exempt ceiling, could either be readjusted or repaid at the time of filling their returns for the next financial year, the source mentioned.
Earlier, the authorities had deducted tax at source at the rate of 10 per cent from the interest amounting to Tk 25,000 and above on various state-run savings certificates in line with an official circular that came into effect from July 1, 2007.
Later, the government had raised the minimum tax-exempt ceiling of interest on savings tools to Tk 150,000 following strong criticism and opposition from various quarters including the investors.