DHAKA: Bangladesh Merchant Banker Association (BMBA) on Sunday demanded the withdrawal of double taxation from same types of income.

In pre-budget discussion at conference room of National Board of Revenue (NBR) 2014-15 fiscal year in city, the organization placed the demand.

BMBA Assistant president Aktar Hossain Sannamat said that income of the corporate sector gets taxed twice -- once as corporate income tax on the income of the company which 27.5 to 42 percent and again on the same income when distributed as dividend to the shareholders who have to pay 20 percent of income as withholding tax and 25 percent as personal income tax.

He proposed withdrawal the withholding tax and personal income tax.

Aktar Hossain said that the investors are passing their days through deadlock from 2010 due to political unrest. Besides merchant banks paid more tax than brokerage house of share market or asset Management Company.

For these circumstances, he opined that the corporate tax should be 27.5 percent.

With NBR Chairman Golam Hossain in the chair, NBR board members, first secretary, BGMEA member and others were present in the discussion.

BDST: 1356 HRS, APR 20, 2014