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Bangladesh

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About

Bangladesh

Capital
Official languages
Population 
Currency

ISO 4217

Dhaka

Bengali

164 million

Bangladeshi Taka

BDT

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Economy

Bangladesh has seen impressive economic growth in recent years, with a GDP growth rate of 7.86% in 2019. This is the highest growth rate in South Asia and the second highest in the world. The country has also seen a steady increase in its exports, with exports reaching $41.5 billion in 2019, a 7.2% increase from the previous year. The country has also seen a steady increase in its foreign direct investment, with FDI reaching $3.2 billion in 2019, a 7.3% increase from the previous year. The country has also seen a steady increase in its remittances, with remittances reaching $16.4 billion in 2019, a 7.3% increase from the previous year. The country has also seen a steady increase in its per capita income, with per capita income reaching $1,876 in 2019, a 7.2% increase from the previous year. All of these factors have contributed to Bangladesh's impressive economic growth in recent years.

Taxation

In Bangladesh, taxes are imposed on both individuals and corporations. The National Board of Revenue (NBR) is the central authority responsible for tax administration.


Corporate Tax:


- The corporate tax rate in Bangladesh is 25% for domestic companies and 35% for foreign companies.

- A 2% additional tax is levied on the income of publicly traded companies.

- Companies operating in the Export Processing Zone (EPZ) are exempt from corporate tax for the first 10 years, and then pay a reduced rate of 10% for the next 12 years.

- The tax year in Bangladesh runs from July 1 to June 30 of the following year.


Personal Income Tax:


- The personal income tax rate in Bangladesh ranges from 0% to 30%, depending on the income level.

- Individuals are exempt from paying tax on the first BDT 250,000 of their annual income.

- The tax year in Bangladesh runs from July 1 to June 30 of the following year.


Value Added Tax (VAT):


- The VAT rate in Bangladesh is 15%.

- Certain goods and services are exempt from VAT or subject to a reduced rate of 5%.

- The VAT registration threshold is BDT 3 million per year.


Process and Calendar for Payments:


- Companies and individuals are required to file their tax returns within the prescribed deadline.

- The deadline for filing tax returns in Bangladesh is September 30 of each year for individuals and November 30 for companies.

- Taxes are generally paid in quarterly installments, with the first payment due on September 15 and subsequent payments due on December 15, March 15, and June 15 of each year.

- Late payment of taxes may result in penalties and interest charges.

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