Bangladesh Bank has further simplified the process of outward remittance of foreign exchange for industrial entrepreneurs to help expand their businesses.
The Foreign Exchange Policy Department (FEPD) of the central bank issued a circular on Monday to facilitate the payment process for goods or services bought from overseas sellers, reports UNB.
“To bring further simplification, it has been decided that authorised dealers (ADs) may remit admissible expenses up to 1 per cent of annual sales as declared in the previous year's income tax return of the concerned remitter-companies or USD 100,000, whichever is higher,” the central bank said in the circular.
The circular also referred to a previous circular issued November 19, 2020 regarding wider scope for outward remittances within the purview of one per cent of annual sales as declared in the previous year's income tax return of the concerned remitter-companies.
Other instructions in this regards shall remain unchanged, said the circular.
In the previous circular, the BB allowed the industries producing goods for local markets and also service sector industries to remit to foreign exchange for legitimate other current account payments like audit fee, certification fee, commissioning fee, testing fee, valuation fee, etc. within the purview of the BB regulation.
