3. 13 of 2022, the 2022 Finance Act. TDS Same as before (bb) the rate oftax shall befifty percent (50%) higher ifthe payee does not receive payment by bank transfer; Inland ships engaged in carrying passengers in 6 ram [Section-103A] mentioned in section 52 assessed income or five thousand taka, whichever is higher and in the case ofa continuing default, a further penalty of one thousand taka for every Head of withholding Withholding authority 1. 53F(1) Interest on saving deposits & Person responsible for (b) the rate of tax shall be fifty percent (500/0) higher if the payee fails to submit proof of submission of return at the time of making the payment; Payers and suppliers have specific responsibilities to comply with TDS regulations in Bangladesh. Having 12 digits TIN ------------ 100 Compiled by: Masum Gazi In association with: Mahmudul Hasan Page 9 of27, for the FY 2022-2023 in comparison with the FY 2021-2022 For any information about TDS and VAT, you can visit our website. Workers can file their income tax responses with NBR using that pay slip. Handbook: Utse VAT Korton FY 2022-23 | PDF Downloadable Architecture, interior design or landscape design, fashion design or process design 20% Person responsible to 100/0 Meet Paulo Pessanha, an experienced SEO professional based in San Diego, California. Compiled by: Masum Gazi In association with: Mahmudul Hasan Page 5 of27, and Regular Requirements under Income Tax TDS 40/0 40/0 150,000 for automatic machine of brick field 2 Simplification and clarification Statement of Assets and Liabilities to be submitted by a resident Bangladeshi to include both local and global assets and liabilities. (3) The rate of tax under sub-rule (1) shall be fifty percent (500 authorized corporation, body including a 5. [Section-124] Bangladesh Different rates based on location of property, for deduction of tax from any sum paid by real estate developer to land owner; No. 24 52U 10,000. 1-1141-0055-0101 1-1141-0055-0111 1-1141-0055-1876 Insurance premium 100/0 Person being a company (1) Where any payment is to be made by a specified person to a resident on account of a service as mentioned in this section, the person responsible Cigarettes (bidi) selling banderols 5 Lakh (SRO. (c) the rate of tax shall be fifty percent (500/0) higher if the payee does not receive payment by bank transfer; /0 on shortfall between advance tax paid and 750/0 of assessed tax. (iii) payment; Any income remitted from No deduction against remittance from abroad No deduction against remittance from abroad (hereinafter referred to as "Person C") receives payments from such bank or the financial institution against the invoice or sale of goods to its 2. income derived on account of commission of letter of credit; (i) Catering service; 3 Return of withholding tax under section 75A 7 All rights reserved. Compiled by: Masum Gazi In association with: Mahmudul Hasan Page 17 of27, and Regular Requirements under Income Tax income from discount on the real value of Bangladesh Bank bills; Contractor or sub-contractor of manufacturing, process or conversion, civil work, construction, engineering or Commission or remuneration paid to the agent of a foreign buyer, Interest or share of profit on saving deposits and fixed deposits etc, 10% if there is TIN;15% if there is no TIN (not, Interest or share of profit on any saving deposits or fixed deposits or any term deposit by or in the name of a fund, Fees of survey or so for the general insurance company, Collection of Tax from the lease of property, Interest on deposit of post office Saving bank account, The rental value of vacant land or plant or machinery. No. 31 20. For example, suppose a residential supplier is paid for rendering professional services. assessed income or five thousand taka, whichever is higher and in the case ofa continuing default, a further penalty of one thousand taka for every transmission, etc.) 15% )r According to section 48 of the ITO, 1984, tax shall be deducted/collected at source from sources of income mentioned in section 49. source: National Board of Revenue (NBR), Bangladesh 10Y 25Y 50Y MAX Chart Compare Export API Embed Bangladesh Personal ships registration (BIWTC) from tax under any provision of this Ordinance, the payment referred to in this section shall be made without any deduction or with deduction at a distributor or the other person; No. (2) The bank or any other financial institution extending any credit facility to a distributor under a financing arrangement in which a person stationery 1. Freight forward agency Person responsible for 3. Commission agents: Agents who receive commissions on behalf of their clients are required to withhold TDS on such payments. (c) in case of deduction or collection made in any other dates of the income derived on account of international gateway service in respect of phone call; Bandwidth payment 100/0 Indenting commission BO/o WebThe Income tax rates and personal allowances in Bangladesh are updated annually with new tax tables published for Resident and Non-resident taxpayers. (ix) a school, a college, an institute or a university; for making the payment shall, at the time of making such payment, deduct income tax at the rate specified in the Table below: - (1) The bank or any other financial institution extending any credit facility under a local letter of credit or any other financing agreement, not being a ~,~~~I-Tt 1 ~~~I ~~~ 1* (c) "base amount" means the higher of the- (xvii) an artificial juridical person; 38 Commissioner of Customs or of Bangladesh. Certification, rating etc. certificate within thirty days from the date of receipt of such application accompanied by all the documents as required by the Board to the effect that Tax Rates Taxes Zone-7, Dhaka (ii) B x CX D, where- the time of renewal of trade renewal of trade license (carrying capacity of an inland ship shall be the The following individuals or entities are examples of those who may be liable to deduct TDS: Tax deduction from salary in Bangladesh is generally related to Tax Deducted at Source( TDS) or Pay As You Earn( PAYE). [Rule-16] conference centre etc. Other regular requirements [Section-124] Under the Income Tax Ordinance, certain payments are subject to TDS in Bangladesh. - - - - t - - - - - 1. (c) Tk. Stevedoring/berth operator /terminal operator/Ship handling operator - Supplier TDS Rate in Bangladesh 2022-23 - BDesheba.Com Tax zone code If vendor is a company then - 0101, if other than company then - 0111 income derived on account of supply of goods, execution of contracts or services rendered; Advertisement bill of newspaper or receivable from services National Budget 2023-24: Latest budget 2023-24 news in Corporation or Chittagong City Corporation; )r According to section 49 "Tax payable under this Ordinance shall be deducted or collected at source in respect of the following income, namely: - than company Where base amount does not exceed taka 50 lakh packed food 33 Rule-17D Seller TCS Same as before Withholding Tax Rate in Bangladesh 2022-23, How to Calculate TDS On Salary in Bangladesh, E TIN Certificate Recovery Process Online, TIN Certificate Correction BD: Correct E TIN Cerfiticate Informaton, Bangladesh Passport Renewal from the USA New York, How To Open Nagad Merchant Account In 2023, 7 Popular Mobile Banking in Bangladesh in 2023, SIM Ownership Transfer Process in Bangladesh- 2023, E-TIN Registration BD: TIN Certificate Registration In 2023, Prepaid Meter Codes: Electricity Prepaid Meter All Codes To Know, SIM Registration Check Online Bangladesh (All SIM Update), Bangladesh National ID Card Check Online 2023, Discount on the real value of Bangladesh Bank Bills. Large Taxpayer Unit (LTU) WebThis booklet incorporates many of the important provisions of the Income Tax Ordinance 1984 as amended up to the Finance Act 2020 and major changes brought in by the Finance Act Deduction from payment to contractors, etc. Compiled by: Masum Gazi In association with: Mahmudul Hasan Page 21 of27, and Regular Requirements under Income Tax 2 Why tax is required to be deducted/collected at source by withholding entities? Written by: Team BDesheba Posted on: March 12, 2023 Supplier TDS Rate in Bangladesh 2022-23 Category: TIN & Tax TDS (Tax Deducted at Source) is a form of Taxes Zone-15, Dhaka Table-l Truck, Lorry or Tank Lorry having payload Transfer of share of shareholder Taxes Zone-l, Dhaka be applicable to any distribution of taxed dividend (vi) a co-operative society; KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. diamond cutting industries making payment In case of oil supplied by dealer or agent (excluding petrol pump station) of oil marketing companies, on any 45,000 for 1 section brick field VAT Rates Chart FY 2022-23 in Bangladesh with H. S. Code earlier. ~~ 10,000 .00 VDS Guideline and VAT rate for the FY 2020-2021, VDS Guideline and VAT Rate for the FY 2020-2021 in comparison with FY 2019-2020. 1-1141-0015-0101 I 1-1141-0015-0111 1-1141-0015-1876 0.6% 0.5% The Director General, Each year, TDS rates change through finance We have prepared this Handbook for the guidance of our clients and contacts. section 52 for that income year shall be made without any deduction or with deduction at a proportionately reduced rate, as the case may be. (a) Execution of a contract other than a contract for providing or rendering a service mentioned in any other section of Chapter VII. 52 53R [82C] TCS 2. No. commission making payment [Section-75(6)] 100/0 where accumulated investment is exceeds Tk. amount of disallowances made under section 30 shall be treated separately as "Income from business or profession" and the tax shall be payable Appeal and Tribunal Fee In case of an industrial undertaking engaged in producing cement, iron or iron products, ferro alloy products Requirements for payment of advance income tax BPDB or any other person September 18, 2022. Shipping agency commission BO/o Handbook: Utse Aaykor Korton 2022 | Your Everyday Guide - Taxpert 1-1141-0085-0101 1-1141-0085-0111 1-1141-0085-1876 (b) tax shall not be deducted in respect ofclause (b) ofsub-section (1) in respect ofthe purchase ofdirect materials that constitute cost ofsales or cost Taxes Circle-O1 70/0 Collection of tax from travel 44 53HH y Every person who has entered into international transactions accumulated value of which exceeds three crore, and if the DCT requires to filing income derived on account of shipping agency commission; /0 200 & Rules TCS In light of FA 2022 In light of FA 2021 In case of supply oftrading goods to a trader mentioned in section 52 [Section-l071] 0.050/0 on the value of shares and mutual funds and Contractors and sub-contractors: They are expected to withhold TDS on payments made to their suppliers or subcontractors. y Failure to comply the DCT may impose a penalty not exceeding two per cent (2%) of the value of each international transaction entered into by Y The last day of submission may be extended up to fifteen days by writing an application to the DCT. 18-19 and other regular require 07. payment of tax before assessment ICAB, KL, Study Manual. Deduction at source from fees, 4 Statement of income by non-residents person carries on the business of operation of aircraft, as the owner or 7 WebCPD (2022): An Analysis of the National Budget for FY2022-23 8 Before going to the analysis we may recall that according to the Open Budget Survey 2021, Bangladesh has a Transparency score of 30 out of 100 (lower than Afghanistan) Public participation score of 13 out of 100 (lower than Nepal) Oversight by legislature and supreme audit institution score [Section-19(32)] 1-1141-0045-0101 1-1141-0045-0111 1-1141-0045-1876 securities issuing security TCS (x) Courier service; y May attract penalty, which amounts to 10% of tax imposed on last assessed income or five thousand taka, whichever is higher and in case of income derived on account of rental value of vacant land or plant or machinery; 1-1141-0005-0101 1-1141-0005-0111 1-1141-0005-1876 Coaster engaged in carrying goods in inland towel, jute goods, frozen food, Bank TCS Deleted, merged with section 53BB engaged in power TDS/TCS Same as before Tax measures proposed in Finance Bill 2022 include income tax and value added tax. Taxes Zone-13, Dhaka income from transfer of share of any stock exchange; 3% Legal service 20% income derived on account of advertisement; Create videos & Images for competitive keywords. Mobile: 0193-5131132 (a) if the amount for services mentioned in SL No.3 and 4 of the Table shows both commission or fee and gross bill amount tax shall be the higher No. Taxes Zone-ll, Dhaka accommodation providing service; (d) in case of deduction or collection in the last two working days of the Taxes Zone-Rajshahi (i) Transport service, carrying service, vehicle rental service, Repair and maintenance service; 2. income derived from insurance policy; June 21, 2022. import of goods Income tax and value added tax (VAT) proposed measures in the Finance Bill 2022 include the following: Read a June 2022 report [PDF 2.1 MB] (107 pages) prepared by the KPMG member firm in Bangladesh. National Budget of Bangladesh for the FY 2022-23 focused on a conservative expenditure plan and a push toward an ambitious revenue target. Regulatory Authority; [82C] estate or land development TDS 15% 15% Interest 20% finalize the assessment to the best of his judgement under section 84. 10,000 .00 6. countries. 2023 Rahman Rahman Huq, a partnership firm registered in Bangladesh, and KPMG Advisory Services Limited, a limited liability company incorporated in Bangladesh, are member firms of KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.
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