The purpose of Behbood Saving Certificates (BSCs), introduced in 2003, is to help widows, senior citizens and people with disabilities save money. Undoubtedly, this is a good scheme and BSCs, to my knowledge, have usually been exempt from deductions and other taxes. Hence, it is astonishing that the government has imposed a Zakat deduction on profits above Rs179,000 on BSCs.
The BSC beneficiaries are often those in extreme distress and without any other source of income. The relevant ministry needs to review and implement this suggestion in the best interest of the beneficiaries of these certificates.
Engr Asim Nawab
Islamabad
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