Tax on savings certificates
I would like to put forward my views in the interest of the small savers, pensioners, retirees, widows and senior citizens of the country. The government has recen imposed a ten percent tax on interest incomes from savings certificates. The decision is indeed good in the interest of the nation but in my opinion the authorities should give a second thought to the plight of the small investors who are dependent on this income to survive. In my opinion the tax should be imposed on an income coming from an invested amount in excess of Tk 50 lakh which appears to be quite reasonable with the present inflation rate and cost of living standard to offer a retired pensioner, widow or senior citizen a decent living. As the life time savings and commutation money of a retired officer/staff cannot exceed this amount, I guess it is quite a reasonable figure which should not be considered as invested for business or profit purpose, but rather for survival. I hope the authorities will re-consider their decision in the interest of the small savers, pensioners, retirees, widows and senior citizens and impose the tax on an income generated in excess of Tk 50 lakh.
For all latest news, follow The Daily Star's Google News channel.
Comments