Bangladesh Accounting and Tax Services
Many international clients engage Tetra Consultants for Bangladesh accounting and tax services. Tetra Consultants will timely complete your firm’s financial statements, corporate tax returns and manage auditors on your behalf and without the need to travel.
It is important to meet the deadlines stipulated by the Bangladesh National Board of Revenue (NBR). Failure to comply will result in late penalties and fines. Contact us now for a free consultation. Our team of experts will revert within the next 24 hours.
Annual Reporting Requirements
- Typically, a Bangladeshi entity fiscal financial year is from 1 July to 30 June. Exceptions may apply if your foreign company has to follow a different financial year in order to consolidate proper accounts with the parent company.
- All Bangladesh-incorporated companies are required to file an Annual Report and conduct yearly audits.
- All Bangladesh-incorporated companies are also required to obtain a Taxpayer’s Identification Number with the National Board of Revenue.
- Tax returns are to be filed within the 15th day of the seventh month following the end of the company’s income year.
- Non-compliance to Bangladesh’s tax laws may lead to a penalty imposed by the Deputy Commissioner of Taxes.
Bangladesh Corporate Income Tax
- Corporate income tax in Bangladesh differs for different industries. However, if you are looking to set up an industrial company, you can look forward to reduced corporate tax rates.
- For companies in the banking, financial or cigarettes industry, you can expect to be taxed at a higher rate.
- A resident entity may benefit from foreign tax relief. Income tax paid on foreign-sourced income can be credited against their Bangladeshi’s entity.
Bangladesh Capital Gains Tax
- Bangladesh also charges capital gains tax regardless of the date of acquisition of the asset.
Bangladesh Value-Added Tax (VAT)
- For the majority of imports and supplies of goods and services, you can expect to be charged a standard Value-Added Tax rate of 15%.
Taxation of Dividends
- Dividends, as per received by resident companies, are generally taxed at a rate of 20%.
- For foreign investors, you can expect to be relieved from any double taxation penalty. The foreign tax credit allowable is to be the lower of the foreign tax paid or the Bangladesh tax otherwise payable.