Regulatory Alerts2025-02-13
Added
FEPD Circular Letter No. 11: Tax Deduction from Resident Tax Paying Shipping Business
The document instructs all approved dealer banks to deduct tax at source from shipping businesses owned or leased by resident taxpayers, excluding those in Chittagong district. A 5% withholding tax applies to the total cargo of passenger, livestock, mail, or goods transport ships entering Bangladesh or destined for foreign countries, while a 3% rate applies for transport involving two or more countries. The deducted tax must be deposited into the government treasury using specific revenue deposit codes for individuals and companies under the jurisdiction of Tax Circle-19, Dhaka.
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