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BB relaxes outward remittance policy for foreign companies in EZs

  • Published at 10:26 pm November 19th, 2020
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File photo: Dhaka Tribune

However, the central bank notice said that the amount could be 1 per cent of their annual sales revenue

Bangladesh Bank on Thursday widened the scope of outward remittance for foreign companies operating in various economic zones (EZs) across the country.

However, the central bank notice said that the amount could be 1 per cent of their annual sales revenue, while the companies must have their sales in taka.

Under the revised policy, legitimate current payments like audit fee, certification fee, commissioning fee, testing fee and valuation fee will be remittable within the purview of the 1 per cent limit.

However, payments that require permission from the relevant authorities including the Bangladesh Investment and Development Authority (BIDA), for remittances of royalty, technical knowledge/assistance, and franchise fees, will not be eligible for outward remittance.

In another notice, the BB waived off on seeking first-time approval from it for maintenance or support fees for software.

From now on, the authorised dealers of the banks can send money abroad.

This facility will apply to authorised banks and industrial enterprises operating in domestic processing areas of EZs having sales proceeds in taka, the notice.

Both the notices urged banks to conduct due diligence on issues regarding deductions and payments of taxes at source, value-added taxes and other levies applicable while undertaking the transactions.

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