Business Desk :
Bangladesh Bank has issued a directive to authorized dealer banks engaged in foreign exchange transactions, mandating the collection of tax at source on remittances received for services and revenue sharing, as per Section 124 of the Income Tax Act, 2023.
The instruction was informed by Sarwar Hossain, director of the Foreign Exchange Policy Department (FEPD) of Bangladesh Bank, aiming to bolster national revenue collection efforts.
The tax commissioner’s office had previously requested this directive from Bangladesh Bank, with a letter dated September 12.