DMD Circular Letter No. 03: Redemption of Source Tax on Wage Earner Bond along with two bonds

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Bangladesh Bank (Central Bank of Bangladesh) Head Office Motijheel, Dhaka-1000 Bangladesh

Debt Management Department (Prize Bond, Savings Certificate & Savings Certificate Branch)

Circular Letter No.-DMD-03/2015 Date: 08-07-2015 AD

Executive Director / General Manager Bangladesh Bank Motijheel, Dhaka / Chittagong / Khulna / Rajshahi / Bogura / Sylhet / Barishal / Rangpur / Mymensingh / Sadarghat, Dhaka.

Managing Director / Chief Executive All Scheduled Banks of Bangladesh.

Dear Sir,

Regarding the withdrawal of source income tax on 3 bonds including the Wage Earner Development Bonds.

In reference to letter number 08.04.0000.012.22.043.006.14.1848 dated 02 July, 2015 from the National Savings Directorate, Ministry of Finance, Internal Resources Division, Government of the People's Republic of Bangladesh, Dhaka, and letter number 08.01.0000.030.03.009.15/53 dated 30 June, 2015 from the National Board of Revenue, you are hereby informed that:

1. Section 52D of the Income Tax Ordinance, 1984 has been amended through the Budget 2015 activities. According to the amended provision, source tax deduction will not be applicable on the interest earned against any amount invested in these three (3) bonds: the existing Wage Earner Development Bond, US Dollar Premium Bond, and US Dollar Investment Bond.

2. The aforementioned provision will come into effect from 01-07-2015 AD.

Yours faithfully,

(Bishnu Pada Saha) General Manager Phone : 9530131 Email: bishnu.saha@bb.org.bd

Phone : 88-02-9530010-75, 9530700-59, Fax : 88-02-9566212, www.bb.org.bd