Announces the deduction of tax at source on remittances from Bangladesh abroad for interest payments on loans incurred in favor of non-residents.

SRO no. 323-LAW/Income Tax-19/2023
This SRO announces the deduction of tax at source on remittances from Bangladesh abroad for interest payments on loans incurred in favor of non-residents. The exemption is valid from the notification date until February 28, 2024, with specific conditions, including compliance with section 119 of the said Act. The exemption does not apply to advance payment of interest, and borrowers must submit relevant information under sub-section (2) of section 119 to the NBR.