Regulatory Alerts2022-09-19
Added
FEPD Circular Letter No. 35: Appointment of Audit Firm for Auditing of Cash Incentive/Export Subsidy
The document mandates that applications for cash incentives or export subsidies for the 2022-2023 fiscal year must be audited by the audit firm appointed by the relevant Bangladesh Bank authorized dealer bank. If additional audit firms are required to expedite the audit process, the authorized dealer bank must submit a reasoned request with necessary information to Bangladesh Bank to appoint extra firms. This directive updates previous circulars regarding the appointment of audit firms for verifying cash incentives and export subsidies.
Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka. Ref. No. FEPD(Circular)291/2022-35
To: All Authorized Dealer Banks Head Office / Principal Office.
Dear Sir,
Subject: Appointment of Audit Firm for Auditing of Cash Incentive/Export Subsidy in the context of providing cash assistance/export subsidy instead of duty bond and duty drawback in the export-oriented domestic garment sector and other relevant sectors.
Reference is drawn to your attention to Circular Letter No. FEPD(Com)291/2002-1367, dated June 02, 2002; Circular Letter No. FEPD(Export Policy)291/2014-13, dated June 29, 2014; FE Circular Letter No. 21, dated June 02, 2020; and FE Circular Letter No. 29, dated August 12, 2020.
- Similar to previous years, the application for cash assistance/export subsidy for the current fiscal year 2022-2023 will be audited by the audit firm appointed by the relevant Bangladesh Bank authorized dealer bank. However, if additional firms are required to expedite the audit program, a request must be made to Bangladesh Bank mentioning the number of audit firms, along with justification and necessary information.
Yours faithfully,
(Md. Sarowar Hossain) Director (FEPD) Phone: 9530123 Ashwin 04, 1429 September 19, 2022