Regulatory Alerts2022-08-08
Added
FEPD(Remi:-1)/1/2022-3968: Regarding Publicity and Taking Action on Offshore Tax Amnesty in Accordance With Income Tax Ordinance
The Foreign Exchange Policy Department of Bangladesh Bank directs all scheduled banks operating in Bangladesh to widely publicize the offshore tax amnesty program and take necessary actions to promote it among customers. This directive implements the provisions of Section 19R of the Income Tax Ordinance, 1984, as amended by the Finance Act, 2022, which allows taxpayers to declare undisclosed income held abroad by paying a 7% tax. The declaration period for this amnesty runs from July 1, 2022, to June 30, 2023, and banks are instructed to disseminate information consistent with previous circular FE Circular No. 26 dated July 18, 2022.
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