The obligation to show proof of income tax return filing when buying savings certificates may be lifted. Currently, to buy savings certificates worth more than five lakh taka, one had to submit the proof of income tax return filing (PSR) of the previous year. This is causing hardship to people with limited and middle incomes.

The obligation to show PSR when buying savings certificates may be lifted in the next fiscal year’s budget or this facility may be provided up to a certain amount of savings certificates. Financial Advisor Salehuddin Ahmed may make this announcement in the budget speech. As a result, only the Tax Identification Number (TIN) certificate will have to be shown as before.

The budget for the fiscal year 2025-26 will be announced on June 2. This time, since the National Parliament is not in session, the budget will be presented to the nation through a television address.

Currently, the National Savings Department sells four types of savings certificates. These are the five-year Bangladesh Savings Certificate; Every three months, profit-based savings certificates, family savings certificates and pensioner savings certificates. However, the demand for family savings certificates is the highest. Only women can buy these savings certificates. There are many people in the country who do not have taxable income, but invest in savings certificates and earn money from profits – such taxpayers are forced to submit returns.

It is known that currently, to get 45 government and private services in the country, you have to show the proof of return submission or PSR. NBR took this initiative to increase the number of return filers. Many taxpayers submit zero returns only because of the obligation to show PSR.

According to NBR sources, 1.6 million taxpayers submitted online returns this year. Of these, two-thirds gave zero returns.