Summary: In order for signing FTAs (free trade agreements) so as to perpetuate duty-free market access to Bangladeshi products, the government is giving consideration to seven countries and two blocs as prospective partners. Content: On Sunday, the commerce ministry broadcasted a time-based action scheme on favorable market access and trade agreement with the intent to come across the obstacles of least... Read More
Summary: The tax authority of Bangladesh has taken measures to redraft the existing DTAA in order to assimilate it with advanced protocols. The DTAA (Double Taxation Avoidance Agreement) simultaneously guarantees that an individual does not have to pay tax twice in two countries and also that he/she does not avoid paying taxes in all. This agreement is to be modernized... Read More
Summary: The International Oil Corporations involved in mineral oil and gas exploration, extraction and production under the product sharing contract with Petrobangla will now be enjoying Vat exemption under specific conditions. Content: The Bangladesh government is trying to facilitate International trade and Foreign Investment in Bangladesh. For this reason, International oil corporations (IOCs) operating in Bangladesh have been given VAT waivers once... Read More
Summary: The long-awaited Income Tax Act 2022 will come into effect soon after presenting the draft to the Cabinet along with the proposal of e-Tax Management system. Content: The National Board of Revenue has finalized the draft Income Tax Act 2022 which incorporates domestic pricing and anti-avoidance rules as asserted by the Chairman of the NBR, Abu Hena M Rahmatul Muneem. He also... Read More
Summary: The NBR has launched the electronic tax deduction at source system on 7th October, for the public and private agencies to deduct and deposit tax at source without taking the hassle to conduct manually. Content: There were multiple complaints due to the manual tax collection. This type of tax collection at source was time-consuming and the process is also burdensome. There... Read More
Summary: NBR to launch the online VAT returns along with the VAT audit system to diminish hassle for businesses. Content: There was complete confusion and distaste going on regarding the Vat returns previously as payers had to suffer a lot in the government organizations to pay VAT. Considering the situation, the NBR will integrate two major network for the convenience of businesses to... Read More
Summary: The automation facility brought by the NBR is to maintain the status quo, as ruled by the High Court in the writ petitions filed by different warehouses. Content: The National Board of Revenue (NBR) has brought a diplomatic bonded warehouse (DBW) facility under the automated system in a bid to ensure speedy services to the diplomats and check abuse of the... Read More
Summary: In line with the decision of the NBR, the central bank has issued a notification to the scheduled banks to send the statements of Value-added Tax through the bank’s head offices within seven days of the following months. Content: As per the current mandatory requirement for any business operating in Bangladesh, the nonresidential companies will have to pay 15% Vat on... Read More
Summary: The tax authorities have recently made a move to offer tax holidays to the manufacturers of Active Pharmaceutical Ingredient (API) and laboratory reagent in line with the national API policy. Although, the tenure of the facility is yet to be decided. Content: API is the basic raw material for all types of drugs. Bangladesh largely relies on imports of... Read More
Summary: For the first time, BSEC permitted non-governmental organizations (NGOs) are out in the market to raise funds by issuing bonds. These NGOs are renowned microfinance institution-BRAC, Buro Bangladesh and Sajida Foundation. Content: The three leading NGOs in the country applied altogether for 16.5 bn by issuing bonds last month. These NGO microfinance companies are funded by donor support in the form... Read More
