Letters to the Editor
Discrimination in tax deduction
Since July 2012 government has imposed a discriminatory law about deducting income tax from the profit of bank deposits. The banks are deducting extra 5% income tax from the parties having no TIN, whereas a TIN holder has to give 10% tax from their profit. About 70% of our depositors don't have any TIN as they earn below the tax-paying limit. If any depositor earns taka1 lac from his deposit scheme, he collects a fake TIN certificate costing Tk. 1000 and save Tk. 4000. Recently we came to know that about 30% of the TIN holders didn't submit their tax returns.
Government should fix a flat rate of income tax from the profit. Otherwise, the revenue board as well as the income tax department will have to face a hard time tracing out the original TIN certificate holders.
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