The Principal Officer (Chief Executive) of a company registered in Bangladesh, or of any other company, shall, at the time of paying any dividend to a shareholder, deduct tax on the amount of such dividend, in the case of a resident or a non-resident Bangladeshi, –

(a) if the shareholder is a company, at the rate applicable to a company;

(b) if the shareholder is a person other than a company, at the rate of 10% (ten percent) where the person receiving such dividend holds Taxpayer’s Identification Number (TIN) or at the rate of 15% (fifteen percent) where the person receiving such dividend does not hold Taxpayer’s Identification Number (TIN):

    Provided that the provisions of this section shall not be applicable to distribution of taxed dividend of a company if such taxed dividend enjoys tax exemption under the provisions of paragraph 32 of Part 1 of the Sixth Schedule.