The Central Bank has directed authorized dealer banks engaged in foreign exchange transactions to collect tax on remittances received for services, revenue sharing as per Section 124 of the Income Tax Act, 2023.
Director of Foreign Exchange Policy Department (FEPD) of Bangladesh Bank. Sarwar Hossain gave this instruction yesterday on Wednesday.
The directive has been asked to be duly followed in the interests of national revenue collection.
A letter was sent from the tax commissioner’s office on September 12 seeking this direction from the central bank.
It is said that before remittances are remitted as individuals, a provision is made to deduct tax at source at the rate of 10 per cent. The amount deducted on account of tax will be deposited by the bank in favor of tax zone-11 of Dhaka as per rules.
[…] accordance with the report, every day remittances of 6.25 million US {dollars} are coming in October. Throughout the identical interval of the […]