Regulatory Alerts2024-04-23
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FEPD Circular Letter No. 04: Circulation of Gazette issued by National Board of Revenue (Income tax) on Offshore Banking Operation in Bangladesh
The National Board of Revenue exempts offshore banking units established under the Offshore Banking Act, 2024 from imposing tax on interest or profit distributed to non-resident depositors or non-resident borrowers of Bangladesh. This exemption is granted under Section 76(1) of the Income Tax Act, 2023. The notification, S.R.O. No. 100-Law/Income Tax-29/2024, was issued on April 22, 2024, and became effective immediately upon issuance.
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