15 per cent tax on income of MFs: Govt extends tenure

FE Report | Published: November 20, 2018 10:24:30 | Updated: November 21, 2018 14:13:55

The government has extended the tenure of paying 15 per cent tax on the income of the mutual fund's management by five years more.

On December 5, 2013 15 per cent tax was fixed on the income, which is generated from the management of mutual funds, for five years.

A gazette notification published on November 13, 2018 said the tenure of paying 15 per cent by Asset Management Companies (AMCs) has been extended for another five years.

Yawer Sayeed, managing director of AIMS of Bangladesh, said before 2013 there was no tax on the income that comes from the management of mutual funds.

"15 per cent tax was imposed in 2013 for five years and the tenure of paying same amount of tax has been extended for another five years," Sayeed told the FE.

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