Regulatory Alerts2012-07-19
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BRPD Circular Letter No. 06: Rate of Tax at Source under Sections 52, 52R, 53BB, 53BBBB, 53DDD, 53F of the Income Tax Ordinance, 1984 via the Artho Ain, 2012
The National Board of Revenue mandates that scheduled banks in Bangladesh apply revised withholding tax rates effective July 1, 2012, pursuant to the Artho Ain, 2012. Key changes include a 1% rate on international telephone call operator payments under Section 52R, a 0.80% rate on exports of specific goods like garments and jute under Section 53BB, and a 0.80% rate on all other exports under Section 53BBBB. Additionally, a 5% rate applies to government cash incentives for exporters under Section 53DDD, while bank interest rates are set at 10% for entities with a TIN and 15% for those without, subject to a balance cap for non-TIN holders under Section 53F.
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