Regulatory Alerts2018-06-10
Added · Updated
FE Circular No. 15: Remittance on account of head office expenses by branches of foreign banking companies operating in Bangladesh
Authorized Dealers in Foreign Exchange in Bangladesh may remit head office expenses incurred by branches of foreign banking companies without prior approval from Bangladesh Bank, subject to specific conditions. The gross remittable amount must not exceed limits allowed in the head office's country income tax regulations, and remittances are subject to applicable source tax and VAT compliance. Expenses must be supported by a certificate from head office auditors, cannot be remitted before the close of financial statements, and require separate disclosure in audited financial statements. Authorized Dealers must forward a set of related documents to the Foreign Exchange Investment Department within 15 days of remittance, including an undertaking to repatriate any excess amounts detected during post facto checking.
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