Regulatory Alerts2014-03-31
Added · Updated
DFIM Circular Letter No. 06: Deduction of 15% VAT on the honorarium to Directors for attending board meeting
The document mandates that financial institutions operating in Bangladesh must deduct 15% Value Added Tax (VAT) at source from honoraria paid to individuals attending board meetings. This requirement applies to directors of government, semi-government, private, NGO, international, autonomous, bank, insurance, or limited companies who receive fees for such attendance. The deducted tax must be deposited into the government treasury within 15 days using code 1/1133/Commissionerate Code/0311, and a copy of the treasury challan must be sent to the local VAT office where the institution is located.
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