Bangladesh hikes source tax on interest from securities for companies

The government has raised the rate of tax deducted at source on interest earned by corporate taxpayers through government securities or those approved by the Bangladesh Securities Exchange Commission (BSEC). An ordinance making several changes to the Finance Act on Wednesday said that the rate of tax at the source of interest income from securities will be fixed at 15 percent for corporate taxpayers. The rate has been fixed at 10 percent for non-corporate taxpayers. Previously, it was increased in all cases from 5 percent to 10 percent in the current fiscal year. Now the rate has been hiked again for corporate taxpayers. The ordinance also states that advance tax collected from commercially operated motor vehicles will be considered as...