Regulatory Alerts2014-02-18
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FEPD Circular No. 08 : Remittance of cost of training and consultancy services
The remittance facility allowing up to 1% of annual sales for training and consultancy costs is extended to service sector industries within the purview of the Industrial Policy. Previously, this provision applied only to industrial enterprises engaged in manufacturing, processing, or assembling. Authorized Dealers must now permit such remittances for the newly included service sector entities based on contracts with foreign trainers or consultants.
Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka www.bb.org.bd FE Circular No. 08 Date : 18 February, 2014 All Authorized Dealers of Foreign Exchange in Bangladesh Dear Sirs, Remittance of cost of training and consultancy services Attention of the Authorized Dealers (ADs) is invited to paragraph 27, chapter 10 of the Guidelines for Foreign Exchange Transactions (GFET)–2009, Vol-1 in terms of which industrial enterprises producing for local markets may remit through their nominated ADs upto 1% of annual sales as declared in their previous years' income tax return towards costs of training and consultancy services as per relevant contract with the foreign trainer/consultant. This paragraph also states that industrial enterprises mean firms and companies engaged in manufacturing or processing or assembling. 02. It has now been decided that the above facilities will also be applicable for service sector industries which are within the purview of Industrial Policy in force. Please bring the content of this circular to the notice of all concerned. Yours faithfully,
(Md. Zakir Hossain Chowdhury) Deputy General Manager Phone:9530250
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