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.
Department of Supervision and Financial Institutions Bangladesh Bank Head Office Dhaka. Ref No.: D.S.F.I.
DFIM Circular Letter No. 21 Managing Directors / Chief Executives All Financial Institutions Operating in Bangladesh. Regarding Publicity and Taking Action on Offshore Tax Amnesty in Accordance With Income Tax Ordinance.
With reference to the Memorandum No. 53.00.0000.211.99.002.20.307 dated 31/07/2022 from the Ministry of Finance, Government of the People's Republic of Bangladesh, Department of Financial Institutions, Administration and Welfare Division, it is informed that under Section 19F of the Income Tax Ordinance, 1984, undeclared assets or banking channels that have gone abroad can be legally declared in the country by paying 7% tax within the time limit from 01 July, 2022 to 30 June, 2023.
- It is advised to display a notice regarding the offshore tax amnesty in your Head Office and all branches and to take measures for wide publicity among customers.
Yours faithfully, (Md. Amir Uddin) Director (DFIM) Phone: 9530178 Date: 25 August 2022 10 Bhadra 1429