Tax return must for buying over Tk5 lakh savings tools

Individuals from now on must submit tax returns to purchase savings instruments of more than Tk 5 lakh.

Submitting tax returns would be mandatory to open accounts with the Post Office Savings Bank as well, said the Bangladesh Bank in a circular on Monday.

The circular was sent to the chief executive officers of all commercial banks.

The central bank has directed all banks to take necessary measures to ensure compliance with Section 48 of the Finance Act 2022 in case of investments in savings certificates of over Tk 5 lakh.

To increase tax revenue, submitting tax returns has been made mandatory in several cases in the FY23 budget. Many of these cases earlier required the submission of the tax identification number only.