Regulatory Alerts2023-08-22
Added
DFIM Circular Letter No. 19: Deducting source tax from profit against term deposit of mutual fund
The Department of Financial Institutions and Markets of Bangladesh Bank directs all financial institutions operating in Bangladesh to strictly follow the instructions contained in the National Board of Revenue letter dated August 1, 2023, regarding the deduction of source tax from profit against term deposits of mutual funds. This directive is issued under the powers granted by Section 18(6) of the Financial Institutions Act, 1993.
Department of Financial Institutions and Markets Bangladesh Bank Head Office Dhaka. Ref No.: DFIM/DOFIM/2023/19 DFIM Circular Letter No. 19 Managing Director / Chief Executive Officers All Financial Institutions operating in Bangladesh.
Dear Sir,
Regarding the deduction of source tax from profit against term deposit of mutual fund.
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With reference to the letter number-08.01.0000.030.07.019.23/356(1)(a) dated August 01, 2023, of the National Board of Revenue on the subject cited above (copy enclosed), you are hereby directed to follow the instructions mentioned in the said letter duly.
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This directive is issued under the powers granted by Section 18(6) of the Financial Institutions Act, 1993.
Yours faithfully,
Enclosure: As above.
(Md. Amir Uddin) Director (DFIM) Phone: 9530178. 07 Bhadro 1430 Date: 22 August 2023