Regulatory Alerts2021-12-27
Added
Liberalization of family remittance facility for foreign nationals working in Bangladesh
Authorized Dealers are permitted to remit up to 80% of a foreign national's earned net income after tax at any time during the year, subject to available funds in the relevant bank accounts. The remaining 20% of net income becomes remittable at the end of the financial year upon completion of income tax assessment and submission of a certificate from the concerned tax authority. Additionally, Authorized Dealers may remit net income directly from employers' Foreign Currency Accounts to the countries where the foreign employees' family members reside. These changes amend paragraph 8(a) and extend the scope of paragraph 1 in Chapter 11 of the Guidelines for Foreign Exchange Transactions (GFET)-2018, Vol-1.
Topics
payments
fx
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