The chief officer (chief executive) of a company registered in Bangladesh or any other company, while paying any dividend to any shareholder, shall deduct tax from the said dividend in the case of a resident or non-resident Bangladeshi-

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

(b) if the shareholder is a person other than a company, shall deduct tax at the rate of 10% (ten percent) if the person receiving such dividend is a Taxpayer Identification Number (TIN) holder or at the rate of 15% (fifteen percent) if the person receiving such dividend is not a Taxpayer Identification Number (TIN) holder:

Provided that the provisions of this section shall not apply to the distribution of tax dividend by a company, if the said dividend has been exempted from tax under clause 32 of Part-1 of the Sixth Schedule.