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The Bangladesh Bank (BB) on Wednesday said banks will deduct tax at source from inward remittance against service and revenue sharing.
The banks will deduct the tax at the rate of 10 per cent.
The Foreign Exchange Policy Department of the BB issued the circular.
The central bank said this circular was issued as the tax authority requested them for such circular as the new income-tax law is in effect.
It's worth noting that workers' remittances will be exempt from this source tax.
This rate mirrors the provisions in the previous Income Tax Act of 1984.
jasimharoon@yahoo.com