Regulatory Alerts2023-09-27
Added
FEPD Circular Letter No. 14: Deduction and payment of tax deducted at source from inward remittance against service, revenue sharing as per section 124, Income Tax Act-2023
The Foreign Exchange Policy Department directs all approved dealer banks to strictly comply with the instructions issued by the Commissioner of Inland Revenue regarding the deduction and payment of tax at source on inward remittances received for services and revenue sharing under Section 124 of the Income Tax Act, 2023. Banks are required to adhere to the specific deposit codes and guidelines outlined in the attached directive to ensure proper national revenue collection.
Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka. Ref. No. FEPD/CL/14
FEPD Circular Letter No. 14 Date: ----------------------
To: All Approved Dealer Banks engaged in Foreign Exchange Transactions Head Office.
Dear Sir,
Reference is drawn to FEPD Circular Letter No. 08 issued by the Foreign Exchange Policy Department on 06/08/2023.
- In the context of deduction and payment of tax at source on inward remittances received against services, revenue sharing, etc., as per Section 124 of the Income Tax Act, 2023 (Section 52Q of the Income Tax Ordinance, 1984), and regarding the prescribed deposit codes, instructions have been issued by the Office of the Commissioner of Inland Revenue, Tax Circle-11, Government of the People's Republic of Bangladesh (see Annexure).
You are requested to ensure due compliance with the aforementioned instructions in the interest of national revenue collection.
Yours faithfully,
(Md. Sarowar Hossain) Director (FEPD) Phone: 9530123
Ashwin 12, 1430 September 27, 2023
Annexure: As per attached