Savings Instrument customers to get tax certificates online...

Dhaka, Friday   25 September 2020

Savings Instrument customers to get tax certificates online

 Staff Correspondent

 Published: 11:58 AM, 12 September 2020   Updated: 12:44 PM, 12 September 2020

Bangladesh Bank (BB) will send a copy to the savings instrument customers' tax certificates to their email addresses. The concerned people think that will reduce the sufferings of savings instrument customers to a great extent.

BB sources said that the tax certificate will be sent to the e-mail address used by the customer in the application form while purchasing the instrument of the savings (Sanchayapatra).

Sirajul Islam, Executive Director and Spokesperson of the Central Bank, said that the process of sending tax certificates of savings certificate customers online is underway. Bangladesh Bank has already developed software to send the tax certificate automatically.

He said that when filing income tax returns every year, the customers of savings certificates have to give a copy of the tax certificate to the National Board of Revenue. The customer does not have to go to the bank or the National Savings Department to file an income tax return if he/she receives the tax certificate through e-mail. This will reduce the suffering of customers a lot.

Bangladesh Bank sources said the Financial Institutions Division (FID) of the Ministry of Finance has directed Bangladesh Bank to issue certificates online to alleviate the suffering of Sanchayapatra customers. In the meantime, the central bank developed software in response to that. 

Investors in savings certificates have to submit a copy of their tax certificate along with their income tax returns every year. This certificate is issued every year by the Bangladesh Bank, the Department of Savings, and the banks selling the savings instruments on the application of the customers of the Sanchayapatra. The document states that the source tax has been deducted from the interest on the money invested in the Sanchayapatra.

The Bangladesh Bank informed the FID on Wednesday that apart from sending the tax certificate to the customer's e-mail, there would be arrangements so that the customer himself can print the certificate by entering the portal.

Meanwhile, a Bangladesh Bank letter said the information of the savings certificates sold till March 13, 2019, is stored in the software of Bangladesh Bank. It will be possible to e-mail the tax certificates of the owners of the savings instrument customers.