Bangladesh legal and accounting and tax considerations in 2024

1. The corporate tax in Bangladesh is imposed at a standard rate of 35%. All legal entities must register with the National Board of Revenue (NBR) and file annual tax returns by 15^th of July of the year following the end of the tax year;
2. Publicly traded companies in Bangladesh are subject to a lower corporate income tax rate of 27.5%, if distributed dividends exceed 10% of the company’s paid up capital;
3. The Value Added Tax (VAT) is levied at a standard rate of 15% on goods and services traded. All companies must register for VAT and file monthly returns;
4. A 10% withholding tax is applicable on i) interests on securities and saving instruments ii) royalties paid to both resident and non-resident companies iii) fees for technical or professional services;
5. A 15% withholding tax is applicable on dividends paid to both resident and non-resident companies;
6. A property transfer tax is applicable at the rate of 5% of the total value of the property;
7. The government of Bangladesh has so far signed up to 27 double taxation treaties with different international jurisdictions including China, the USA, the United Kingdom, Canada, Singapore, France, Germany among others;
8. Healy Consultants will assist the Client with i) documenting and implementing accounting procedures ii) implementing financial accounting software iii) preparing financial accounting records and iv) preparing forecasts, budgets and performing sensitivity analysis;
   
9. It is important our Clients’ are aware of their personal and corporate tax obligations in their country of residence and domicile; and they will fulfill those obligations annually. Let us know if you need Healy Consultants’ help to clarify your annual reporting obligations.