TIN Confirmation for Accounts

Dear Valued Customer

FINANCE ACT 2012 AND ITS IMPACT ON YOUR ACCOUNT

This is to inform you that the Government of Bangladesh has recently enacted a number of changes in the Finance Act 2012. As a result of the changes made in section 53F of the Act, customers who do not have TIN (Tax Identification Number) are now required to pay 15% Withholding Tax (previously 10%) on interest/profit on account(s) with balance above BDT100,000 at any time of the year. For account(s) below BDT100,000 - the Withholding Tax amounts to 10%. Customers have also been instructed to submit copies of TIN certificate or Acknowledgement Receipt of Tax Return to their banks.

If your account(s) information maintained in our systems does not reflect any TIN, based on account balance, interest/profit income from account(s) that you hold with HSBC will be subject to 15% (previously at 10%) Withholding Tax.

Please submit any of the above mentioned supporting document(s) to any of our branches by 9 December 2012 to comply with the act - providing your name, account number(s) and signature on the supporting document(s). Kindly, fill in the TIN Confirmation Form if you have not submitted earlier. If you do not have a TIN, the Withholding Tax will apply at 15% on your account(s).

As the leading international bank, HSBC brings together the best of global knowledge and banking expertise, as well as the very best in banking experience. Your kind co-operation in this government initiative is solicited. At HSBC, we are dedicated to serving you to the best of our abilities, with full compliance to the laws of the land.

For any queries, please contact any of our branches, or call 880 2 9660547 or mail us at internet.banking@hsbc.com.bd.


Best regards

James Rebert
Head of Retail Banking and Wealth Management
HSBC, Bangladesh