Regulatory Alerts2017-11-29
Added · Updated
FEPD Circular No. 42: Application of Bangladesh Investment Development Authority Act, 2016 for remittance on account of payment of royalty, fees for technical knowledge or technical assistance and franchise fees
Paragraphs 25 and 26 of Chapter 10 and Appendix 5/59 of the Guidelines for Foreign Exchange Transactions-2009 are repealed to align outward remittance regulations with Section 18 of the Bangladesh Investment Development Authority Act, 2016. Private sector industrial enterprises must now obtain approval from the Bangladesh Investment Development Authority (BIDA) for payments of royalty, technical fees, and franchise fees to foreign entities. Authorized Dealers must verify BIDA nomination, confirm tax deductions, ensure document genuineness, and report transactions to Bangladesh Bank before executing such remittances.
More like this from BB
BB published 33 documents in the last 30 days. We email you each new one the day it's published.