Regulatory Alerts2011-08-25
Added · Updated
FEPD Circular Letter No. 12: Deduction of tax at sources on service income received from abroad
Banks and financial institutions must deduct tax at source at a rate of 10% on payments received from abroad for services provided by non-residents, provided the services are performed within Bangladesh and the payment is classified as a service charge, consultancy fee, commission, or honorarium. This requirement does not apply to wage earners' remittances. Additionally, no tax deduction is required for income from software development or Information Technology Enabled Services (ITES) until June 2013, and no tax exemption certificate is needed to claim this exemption.
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