Bangladesh may cut tax on essential food supplies
In an effort to combat rising food prices, the Bangladeshi government is said to be considering reducing source tax on essential food commodities. This tax – currently at 2% for essential food supplies such as rice, wheat, onion, edible oil,
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Bangladesh: Government likely to announce tax rates for companies and individuals in advance
The Bangladeshi government is rumoured to be considering announcing income tax rates for individuals and companies in advance, ahead of FY25 budget, as part of a new system which will enable taxpayers to make informed investment and tax
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Bangladesh rumoured to reintroduce black money amnesty with 15% tax in FY25
A special opportunity to legalise undisclosed money is expected to return in FY25 in Bangladesh after a four-year hiatus. The local media in the country reported that the government is planning to offer amnesty at a flat 15% tax rate. This
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Bangladesh might reduce duties on laptop imports
According to sources from the Finance Ministry, the Bangladeshi government is taking steps to ensure laptops are more affordable for freelancers and students, and to support the software manufacturing industry. Currently, importers pay a total of
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Bangladesh announces tax incentives for exporters and asset managers
The Bangladesh National Board of Revenue (NBR) has announced a series of tax incentives aimed at encouraging exports and enhancing the financial sector. These initiatives, formalised through multiple notifications, provide substantial tax relief for
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Bangladesh: Reduced tax for asset management companies and exporters of goods, exemptions for OBU
The tax environment in Bangladesh is undergoing significant changes due to the implementation of Income Tax Act 2023 and Customs Act 2023. Recent tax-related developments allow for decreased tax rates for asset management companies (which have
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Bangladesh: NBR conditionally reduces corporate tax
In a strategic move aimed at fostering economic growth while maintaining fiscal prudence, the National Board of Revenue (NBR) has announced a targeted reduction in corporate tax rates. This reduction comes with stringent conditions, reflecting a
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Bangladesh and Thailand set sight on FTA in 2024
Bangladesh and Thailand have set their sights on a Free Trade Agreement (FTA) by the end of 2024, according to a joint announcement following a meeting in Bangkok on 26 April, 2024. Thai Prime Minister Srettha Thavisin, at the joint press
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IMF proposes ending tax rebates for 33 industries in Bangladesh
According to Bangladesh’s National Board of Revenue (NBR) the International Monetary Fund (IMF) has proposed the government to end the tax rebate facility for 33 industries, which has been provided to these sectors for 10 years. The IMF has
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Bangladesh: IMF proposes 15% VAT on goods and services for businesses over Tk3cr turnover
On 28 April 2024, Bangladesh’s National Board of Revenue (NBR) announced that the International Monetary Fund (IMF) proposed enforcing a 15% Value Added Tax (VAT) on goods and services from businesses with turnover above Tk3 crore. The IMF also
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Netherlands: New income tax treaty signed with Bangladesh
On 12 March 2024, the Netherlands State Secretary for Tax Affairs Van Rij and Minister Abdul Hassan Mahmood Ali of Bangladesh signed a new bilateral tax treaty in Dhaka. This income tax treaty aims to avoid double taxation and further Dutch and
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Bangladesh: NBR extends tax return submission deadline amid challenges of new tax Act implementation
On 29 November 2023, the National Board of Revenue (NBR) officially notified an extension of the deadline for submitting individual income tax returns and corporate tax returns for the assessment year (AY) 2023-2024. As per Notification No.
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Hong Kong and Bangladesh enter into tax pact
On 30 August 2023, the Secretary for Financial Services and the Treasury, Mr Christopher Hui, on behalf of the Hong Kong Special Administrative Region Government signed a comprehensive avoidance of double taxation agreement (CDTA) with Bangladesh.
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Bangladesh: Budget for FY 2023-24
On 1 June 2023, the Finance Minister, Mr. AHM Mustafa Kamal presented the budget in parliament for the fiscal year 2023-24, aiming to accelerate economic growth, promote social development, and address key challenges faced by the nation. The budget
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Bangladesh: Budget proposal for FY 2022-23
On 9 June 2022, Mr. AHM Mustafa Kamal, the Finance Minister of Bangladesh presented the national budget for fiscal year (FY) 2022-2023 in the parliament. The budget set the target for total revenue earnings for the fiscal year 2022-2023 has
See MoreBangladesh: NBR extends CIT return deadline
On 16 May 2022, the National Board of Revenue (NBR) of Bangladesh has published a Notice regarding the extension of the deadline for the filing of corporate income tax (CIT) returns for the 2020-2021 income year ended on 30 June 2021.
See MoreBangladesh: Budget proposal for FY 2021-2022
On 3 June 2021, Mr. AHM Mustafa Kamal, the Finance Minister of Bangladesh presented the national budget for fiscal year (FY) 2021-2022 in the parliament. The budget set the target for total revenue collection in the FY 2021-2022 at Tk. 389,000
See MoreBangladesh: National Parliament passes budget for 2020-21 FY
On 30 June 2020, national budget of Tk. 5680 billion for the fiscal year 2020-2021 has been passed in national Parliament and the National Board of Revenue (NBR) has published the Finance Act 2020 with effect from 1 July 2020. The Key tax
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