Regulatory Alerts2018-07-23
Added · Updated
FEPD Circular Letter No. 12: Obtaining certification from NBR under Double Taxation Avoidance Treaty before remittance abroad on behalf of any company, organization or individual
The Foreign Exchange Policy Department of Bangladesh Bank advises all Approved Dealer Banks to verify that remitters—companies, organizations, or individuals from countries with which Bangladesh has a Double Taxation Avoidance Treaty—possess a certificate from the National Board of Revenue (NBR) before processing cross-border payments. This requirement applies to payments made at reduced withholding tax rates or exemptions under the treaty, as mandated by amendments to the Income Tax Ordinance, 1984, via the Finance Act 2018. Banks are instructed to ensure this NBR certification is obtained prior to the remittance of funds abroad.
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