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.
Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka. Ref. No. FEPD(Remi:-1)/1/2022-3968 Date: 24 Srabon, 1429 08 August, 2022
To, Managing Director/Chief Executive Officer All Scheduled Banks Operating in Bangladesh Head Office Dhaka.
Dear Sir,
Regarding Publicity and Taking Action on Offshore Tax Amnesty in Accordance With Income Tax Ordinance.
It is stated that under the Finance Act, 2022, pursuant to Section 19R of the Income Tax Ordinance, 1984, during the period from July 1, 2022, to June 30, 2023, income tax returns declaring any undisclosed income brought into Bangladesh legally through banking channels by paying a 7% tax can be filed. It is mentioned that an EF Circular No. 26 dated July 18, 2022, regarding this matter has already been issued by Bangladesh Bank.
It is advised to take measures for widespread publicity among customers by disseminating the offshore tax amnesty rules in the form of a branch circular.
Yours faithfully, (Md. Sarowar Hossain) Director (FEPD) Phone: 9530123