The central bank on Monday issued a circular informing that a section in the income tax ordinance has been added providing special tax treatment for undisclosed offshore assets.
The Bangladesh Bank issued the circular addressing all authorised dealer (AD) banks concerned with foreign currencies.
The added section 19F, says that no questions regarding the source of the offshore asset will be raised if the owner repatriates the asset paying 7 percent tax.
This special treatment will be applicable on “any cash or cash equivalents, bank deposits, bank notes, bank accounts convertible securities and financial instruments if repatriated to Bangladesh through banking channel,” the notice said.
