Regulatory Alerts2014-06-29
Added · Updated
FEPD Circular Letter No. 13: Payment of VAT against fees for auditing cases of cash assistance/subsidy
A decision has been made to allow banks to receive a refund from the government for Value Added Tax (VAT) paid on audit fees. This applies to cases involving cash assistance or subsidy payments made by the government against exports. Applicant banks are required to include the claim for the VAT amount along with their audit fee refund claim, following the guidelines of Circular Letter No. FEPD (Export Policy) 291/2002-1367 dated June 2, 2002. This directive from the Foreign Exchange Policy Department of Bangladesh Bank becomes effective on July 1, 2014.
Bangladesh Bank Head Office Dhaka www.bb.org.bd
FEPD Circular Letter No. FEPD(Com)2/2014-13 Date: June 29, 2014
Subject: Regarding payment of Value Added Tax on applicable audit fees in cases of cash assistance/subsidy payment.
It has been decided to receive a refund from the government for the amount paid as Value Added Tax on applicable audit fees in cases of cash assistance/subsidy payment by the government against exports.
Applicant banks will include the claim for the amount paid as applicable Value Added Tax or VAT along with the claim for audit fee refund, as per the instructions of Circular Letter No. FEPD (Export Policy) 291/2002-1367 dated June 2, 2002.
This instruction will be effective from July 1, 2014.
Yours faithfully, (Md. Zakir Hossain Chowdhury) Deputy General Manager Foreign Exchange Policy Department Phone: 9530250
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