Regulatory Alerts2022-08-25
Added
DFIM Circular Letter No. 21: Regarding Publicity and Taking Action on Offshore Tax Amnesty in Accordance With Income Tax Ordinance
The Department of Supervision and Supervision of Financial Institutions of Bangladesh Bank directs all financial institutions operating in Bangladesh to display a notice regarding the offshore tax amnesty program and widely publicize it among customers. The amnesty, under Section 19F of the Income Tax Ordinance, 1984, allows for the legal declaration of undeclared foreign assets via banking channels by paying a 7% tax, valid from July 1, 2022, to June 30, 2023. This directive follows a memorandum from the Ministry of Finance dated July 31, 2022.
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