Regulatory Alerts2022-07-18
Added
FEPD Circular Letter No. 26: Special Tax Treatment in respect of undisclosed offshore assets
The Foreign Exchange Policy Department of Bangladesh Bank notifies authorized dealer banks of Section 19A inserted into the Foreign Exchange Regulation Act, 1947, via the Foreign Exchange (Amendment) Act, 2022. The circular directs banks to implement the instructions contained in the newly added section regarding the special tax treatment of undisclosed offshore assets.
Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka Ref. No. FEPD/Circular/26/2022/18 Date: 18 July, 2022
To, All Authorized Dealer Banks engaged in Foreign Exchange Transactions Head Office / Principal Office.
Dear Sir,
Insertion of Section 19A in the Foreign Exchange Regulation Act, 1947 (Regulation No. VIII of 1947) under the heading "Special Tax Treatment in respect of undisclosed offshore assets" has been made through the Foreign Exchange (Amendment) Act, 2022. The instructions contained in the aforementioned section are enclosed herewith for your information and necessary action.
Yours faithfully,
Enclosure: As stated.
(Md. Sarowar Hossain) Director (FEPD) Phone: 9530123