Several tax benefits are provided under the Finance Act 2022, for the mobile manufacturers. Besides, the Companies with less than Tk. 100 crore turnover and so on, who are working towards deployment or commercialization of new products, process or service driven by innovation, development and technology or intellectual property are given start up status who will be taxed at a lower rate and are eligible for other tax benefits like carrying forward of loss etc, during the growth year. On the other hand, VAT registration is made mandatory for branch offices, liaison offices and projects.

 

The Tax Act 2023 has been written in simple language and all sources of income have been consolidated chapter-wise. The simple formula has made calculation easier for everyone. Efforts have been made to reduce the arbitrary power of the officers and reduce the cost of doing business in Bangladesh. The conflict with the International Financial Reporting Standard (IFRS) has also been adequately addressed. Most of the returns will be filed on universal self-assessment. The Act has aligned with international best practices. The refund process has been made simpler.

Export Processing Zone is suitable for 100 % export-oriented businesses whether it is fully owned, Joint Venture, etc. There are 08 (eight) EPZs within Bangladesh geographically diversified in different locations. Depending on the nature of the business, availability of utilities, rental rates, transportation, availability of skilled manpower, etc. clients can choose a suitable EPZ for investing.

 

The Economic Zone is relatively a new concept in Bangladesh. The government has planned to set up 100 economic zones in different geographical locations, amongst which, 97 projects have already been approved, from which 30 are under development. Lands have been allocated to investors and factories are being setup for production in several of the economic zones, among which the flagship project is the Mirsarai economic zone. Some local and foreign companies have already invested in the Mirsarai economic zone and currently, BEZA is allocating lands to companies.

 

Hi-Tech industries are knowledge incentive industries where a good part of value addition comes from knowledge workers. For example, Agro-Biotechnology & Genetic Engineering, Automobiles & Metal Industries, Medical Supplies, Pharmaceuticals, Electronic Products, Computer & Communication Hardware & Software, IT-enabled services, etc.

Catering to the needs of Foreign Investors for setting up companies, branch offices, liaison offices and also to help them in securing employment visas (E-VISA), investor’s visa (PI VISA), business visa (B-VISA), work permit, etc., legal assistance is often required. Legal support is also required for setting up a business in export processing zones and Economic Zones. 

We will discuss and analyze the current legal issues Investment options (Inside specialized zones vs outside) & related legal issues etc. The event will be conducted physically. The Seminar will take place on 28th August 2023 (Monday) at 3.30 pm to 5.00 pm at Rahman’s Chambers, Headquarters, Suite 5B, 4th Floor, Ataturk Tower, 22, Kemal Ataturk Avenue, Banani C/A, Dhaka-1213.

Join the event to enhance your knowledge and make yourself aware of the current legal issues.

Mr. Amir Hossain Sarker

Associate & Chattogram [Exec]

Member, Investment & Corporate Department

Rahman’s Chambers, Chattogram Branch

LL.M, University of Malaya

LL.B, International Islamic University Malaysia