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Sunday, October 7, 2007
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Govt okays change to tax ordinance

The Council of Advisers yesterday approved a proposal to amend the Income Tax Ordinance 1984.

With the approval, the ceiling of income tax deduction at 10 percent from interest or profit of savings certificates has been raised to Tk 1,50,000 from earlier Tk 25,000.

According to the amended ordinance, persons having income below Tk 1,50,000 will be exempted from paying tax on the income from interest or profit of savings certificates, while those having income over Tk 1,50,000 from other sources will have to pay tax at the scheduled rate through submitting return.

Chaired by Chief Adviser Fakhruddin Ahmed, the weekly meeting of the Council of Advisers approved another proposal to amend the Grameen Bank Ordinance 1983 allowing the bank to extend its activities all over the country, not merely in rural areas.

As per the amended Grameen Bank Ordinance, the government share in the bank has been reduced to 15 percent from 25 percent while number of the government nominated members in the board of directors of the bank has been reduced to two from three.

The board of directors of the bank, instead of the government, will elect a chairman of the bank from among its directors.

The meeting approved the Acid Control (Amendment) Ordinance 2007 incorporating law secretary, social welfare secretary and Inspector General of Police (IGP) as members of the Acid Control Council.

In the amended Ordinance, the Acid Control Council has been given the authority to co-opt new member.

The council also reviewed the progress of transforming the T&T Board into company and directed the ministry concerned to quickly complete the formalities in this regard.

Members of the Advisory Council, the cabinet secretary and other secretaries concerned attended the meeting held at the Chief Adviser's Office.

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