Merchant banks are financial institution: BB

DHAKA: Bangladesh Bank (BB) has declared the merchant banks as financial institution Tuesday.

President of Bangladesh Merchant Bankers’ Association (BMBA) Mohammad Hafiz confirmed the matter to banglanews.

Recently National Board of Revenue (NBR) termed the merchant banks as financial organizations and directed them to provide 42.5 per cent income tax in lieu of 37.5 per cent and BMBA opposed the decision.

Later, BMBA demanded clear explanation about this to Securities Exchange Commission (SEC) and SEC wanted comment of BB in this regard.

After reviewing, BB declared Merchant Banks as financial organization.

BDST: 2053 HRS, JUN 12, 2012
Edited by: Abul Kalam Azad, Newsroom Editor, M. Mahbub Alam, Asst Output Editor