Category: Tahmidur Rahman Best Law Firm in Bangladesh (Trw.com.bd)
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SHARE MONEY DEPOSIT OF FOREIGN INVESTOR TO BE CONVERTED INTO SHARE
SHARE MONEY DEPOSIT OF FOREIGN INVESTOR TO BE CONVERTED INTO SHARE WITHIN 1 YEAR – BANGLADESH BANK Foreign investors’ share deposits must be converted into shares within one year, according to Bangladesh Bank. February 7, 2020. Equity investments from foreign shareholders (held as share money deposits) in a Bangladeshi-registered firm must be converted into shares…
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Share deposits of public interest entities
Share deposits of public interest entities must be converted into paid-up capital within six months – FRC. March 5, 2020. The Financial Reporting Council (FRC), a regulatory agency established under the Financial Reporting Act (FRA) 2015, issued a notification in this regard on February 11, 2020. This notification was issued because a number of publicly…
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FRC broadens the definition of public interest entities.
FRC broadens the definition of public interest entities. JUNE 30, 2020 The Financial Reporting Council (FRC), a newly constituted regulatory organization, issued a notification on 11 Match 2020 (Gazette, June 29, 2020). By issuing this notification, the FRC expanded the definition of a ‘Public Interest Entity’ beyond what was originally established in the Financial Reporting…
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Unpaid VAT must be paid. RJSC
Unpaid VAT must be paid. RJSC April 24, 2021. On April 20, 2021, RJSC published a notice (undated) about the payment of outstanding VAT for services received from RJSC from 2014-15 to 2017-18. During this period, despite the fact that the VAT Act 1991 and VAT Rules 1991 provided for VAT on RJSC’s services, RJSC…
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Duty Drawback Regulations 2021 introduced
Duty Drawback Regulations 2021 introduced in Bangladesh August 17, 2021. Export-oriented enterprises will henceforth exclusively receive customs and regulatory tax refunds from the Director General, Duty Exemption and Drawback Office (DEDO). All exporters must ask for a refund of taxes within six months following export. Recently, the National Board of Revenue (NBR) adopted the Duty…
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Regulations for the prompt release and disposal of perishable commodities were introduced.
Regulations for the prompt release and disposal of perishable commodities were introduced. August 20, 2021. The government has implemented the Perishable Goods Speedy Release and Disposal Regulations 2021 through a notification dated August 8, 2021 (Gazette published August 11, 2021). According to the laws, assuming everything is in order, the customs clearance process for perishable…
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FDI reports must be provided within 20 days of each quarter’s end.
FDI reports must be provided within 20 days of each quarter’s end. February 20, 2023. On February 16, 2023, Bangladesh Bank released SD Circular No. 02/2023, advising all AD banks and their offshore units about the move. What’s changed? The circular mandates all FDI receiving enterprises to submit the FDI reporting form (Form Fl-1) and…
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Bangladesh Bank now mandates Value, Unit Price, and Quantity in Pro Forma Invoice
Bangladesh Bank now mandates Value, Unit Price, and Quantity in Pro Forma Invoice September 24, 2023. According to the Guidelines for Foreign Exchange Transactions, Volume-1, Chapter-7, Section-2, Para-20, Authorized Dealer banks must verify the importer-exporter’s information, the country of origin of the goods, and the competitive price of the respective goods in the international market…
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Bangladesh implemented its first cosmetics regulations
Bangladesh implemented its first cosmetics regulations September 25, 2023. Bangladesh’s Parliament has passed the Drug and Cosmetics Act 2023 (“Act”). While Bangladesh previously had drug controls, this new act is the country’s first complete cosmetics law. Key Provisions for Cosmetics: Cosmetics License: Without a license from the Directorate General of Drug Administration (“DGDA”), no one…
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Bangladesh enacted commodity exchange rules
Bangladesh enacted commodity exchange rules October 17, 2023. The Bangladesh Securities and Exchange Commission (BSEC) has recently published a new notification (BSEC/CMRRCD/2009-193/65/PRD/147 dated October 2, 2023) to regulate the commodity exchange market in Bangladesh, titled ‘The BSEC (Commodity Exchange) Rules, 2023’. The Rules, which include 66 rules as well as many forms and exhibits, seek…