Reducing Source Tax
On Deposit Income
Money depositors in banks nowadays are losing purchasing power of their deposited money as banks have drastically reduced interest/profit on deposited money. Not only that the government has been charging source tax on interest income or profit received for money deposited in bank and financial institutions. In addition to that excise duties in different rates are imposed against bank account if more than Tk 100.000/ balance is kept for any moment in a financial year.
As banks has reduced interest or profit on money deposited by clients so low that account holders are incurring lose in terms of purchasing power, Bangladesh Bank instructed not to provide interest or profit less than inflation just to save depositor from lose. But as government ( NBR) has not withdrawn source tax on bank deposit income and not withdrawn excuse duty on account having balance more than Tk 100.000/ in any time during a year depositors are losing purchasing power against their deposited money. Govt imposes 10pc source tax on interest income of clients who have Tax Identification Number (TIN) and imposes 15pc tax who do not have TIN. Ultimately depositors lose purchasing power of their money deposited in bank, NBFI and National Savings Bureau.
In such a situation I like to urge NBR to reduce source tax on interest/ profit income against money deposit in banks, NBFIs or National Savings Bureau to 5pc from 10pc for TIN holders and to 10pc from 15pc for other depositors. It will give at least some relief to money depositors.
Md Ashraf Hossain
Bashabo, Dhaka
Control The Volatile Market
The abnormal surge in commodity prices has made public life unbearable. The price of edible oil has climbed at the peak last week. The abnormal increase in commodity price must be stopped as soon as possible. It needs the quick intervention by the government and related ones to stop the evil cycle of price hike.
The unscrupulous traders, syndicates as well middlemen, who don’t give up a single opportunity to make profit even during the national crisis moment, must be taken under punishment. It is the urge of time to stop the cycle of syndication and hoarding.
Sadia Afrin Kumu
IR Student, BSMRSTU
