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

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).

2. 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.

3. 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