FEPD Circular Letter No. 23: Reporting Tax and Vat Information on Online TM Form Monitoring System (OTFMS) and Online Inward Remittance Monitoring System (OIRMS)

Authorized dealers are required to report monthly tax and VAT information related to outward and inward remittances on the OTFMS and OIRMS platforms by the 25th of the following month, effective from August 2022. This reporting obligation is mandated in accordance with Section 56 of the Income Tax Ordinance 1984 and the Value Added Tax and Supplementary Duties Act 2012. Additionally, the submission of the Outward and Inward Remittance Statement of Account remains due by the 10th of each month as per existing guidelines.

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Foreign Exchange Policy Department
Bangladesh Bank
Head Office
Dhaka.
Ref. No. 23.00.0000.220.23.001.22-147
FEPD Circular Letter No. 23 Date: 13/07/2022

To the Chief Executive/Principal Office of all Authorized Dealers engaged in Foreign Exchange Transactions.

Dear Sir,

Subject: Reporting of Tax and VAT Information on Online TM Form Monitoring System (OTFMS) and Online Inward Remittance Monitoring System (OIRMS)

Instructions for reporting information on outward remittances on the Online TM Form Monitoring System (OTFMS) and on inward remittances on the Online Inward Remittance Monitoring System (OIRMS) are provided in FEPD Circular Letter No. FEPD(Export)220/2012-26; dated 09/12/2012 and subsequent Guidelines for Foreign Exchange Transactions-2018, Volume-1, Chapter-5, Paragraph-2(B) and Paragraph-10(B).

Now, instructions are being issued to report the monthly information of tax and VAT paid against outward and inward remittances on OTFMS and OIRMS in the respective systems by the 25th of the following month, in accordance with the instructions of Section 56 of the Income Tax Ordinance 1984 and the Value Added Tax and Supplementary Duties Act 2012, effective from August 2022.
In accordance with the instructions of Guidelines for Foreign Exchange Transactions-2018, Volume-2, Chapter-2, Paragraph-27(1) and (2), the Outward and Inward Remittance Statement of Account must be submitted by the 10th of each month as before.

Please kindly inform all concerned parties regarding this matter.

Yours faithfully,

(Md. Harun-Or-Rashid)
Director (FEPD) (In-charge)
Phone: 9530625

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Source: Bangladesh Bank — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works