BB asks banks to publicise offshore tax amnesty facility
The Bangladesh Bank has asked all commercial banks to disseminate circular offering tax amnesty against the return of offshore assets by paying 7% in tax.
In a notice issued on Monday (8 August), the central bank directed all managing directors and chief executive officers of all commercial banks to ensure the offer's publicity among clients at the branch level.
On 18 July, a Bangladesh Bank circular stated that any form of undisclosed offshore assets can be brought into the country legally through the banking channel between 1 July and 30 June 2023 by paying a 7% tax.
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The assets can be filed in the income tax return, the circular added.
The government in the budget for FY2022-23 provided a window for people to bring back undeclared offshore funds home by paying a 7.5% tax without facing any question, a move that was widely criticised.
Such initiatives are being taken to tackle the existing dollar crisis and bring back the money laundered abroad, Finance Minister AHM Mustafa Kamal had told journalists in May.
National Board of Revenue (NBR) Chairman Abu Hena Md Rahmatul Muneem a day ago said The offshore tax amnesty offered by the government is an opportunity to make it easier for bringing legitimate money from abroad.
"Black money will not come through offshore amnesty, and the amount of such money is very low," he told the media at a press conference.
The NBR chief also said that various parties including the media are misinterpreting the matter.
