On-Going Obligations

On-going Obligations

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All private limited companies (regardless of turnover or size) are required to prepared financial statements as per International Financial Reporting Standards(IFRS) on an annual basis and have them audited. All branch/liaison offices are required to prepare annual audited financial statements on a cash basis.

Accounting & Reporting

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Activity	Relevant Authority	Frequency	Due date	Comments

Filing of Audited Financial Statements	Registrar of Joint Stock Companies & Firms	Annual	VAT deducted at source has to be deposited to government treasury within seven (7) days from the end of VAT period (the month of deduction)
Foreign Direct Investment Return	Bangladesh Bank	Quarterly	1 month from end of each calendar quarter	Must be submitted through the local bank
Interest Return	National Board of Revenue (NBR)	Annual	31 August of each year	Provided interest payment exceeds BDT 15,000
Dividend Return	National Board of Revenue (NBR)	Annual	31 August of each year
Receipts & Payments Accounts	NBR, BIDA & Central Bank	Quarterly	Within 30th day of month following end of calendar quarter
Audited Receipts & Payments Accounts	For tax filing purposes	Annual	Linked to tax filing due date

 

Payroll Management (all entities)

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Activity	Relevant Authority	Frequency	Comments
Employer must ensure all employees have an e-TIN number
Employer must ensure all employees file their annual tax return by 30 November
Employer must ensure monthly deduction of tax from salary as per applicable laws	National Board of Revenue (NBR)	Monthly	Within two weeks from the end of the month of deduction
Salary Return Under Section 50 (Rule 21)	NBR	Monthly	Within 20 days of next calendar month
Salary Return Under Section 108	NBR	Annually	31 August of each year
Salary Return Under Section 108A	NBR	Annually	30 April of each year

Tax Compliance-Direct Tax (all entities)

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Activity	Relevant Authority	Frequency	Due date
Tax Deduction at Source from Payments	National Board of Revenue (NBR)	Regular	Deduction in July to May	Within two weeks from the end of the month of deduction
			Deduction in the first twenty days of June	Within seven days from the day of deduction
			Deduction in any other days of June except last 2 working days	On the next following day
			Deduction made on last 2 working days of June	On the same day
Monthly Withholding Tax Return	NBR	Monthly	Within 20 days of next calendar month
Return of Withholding Income Tax u/s 75A	NBR	Half yearly	Within 31 January and 31 July of each year.
Corporate Income Tax Return	NBR	Annual	Within the fifteenth day of the seventh month following the end of the income year or the fifteen day of September following the end of the income year where the said fifteenth day falls before the fifteenth day of September.

Tax Compliance-Indirect Tax (all entities)

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Activity	Relevant Authority	Frequency	Due date
VAT Deduction at Source from Payments	National Board of Revenue (NBR)	Regular	Within 15 days of payment of Consideration to vendor.
VAT Deduction Certificate	NBR	Regular	Within 3 days of VAT submission
VAT Return	NBR	Monthly	Within 15 days of next calendar month

Secretarial Compliance

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Activity	Relevant Authority	Frequency	Due date

Board Meetings	Registrar of Joint Stock Companies & Firms	Quarterly	As per the Companies Act 1994, a company must hold minimum one Board Meeting each calendar quarter.
Authentication of Balance Sheet, and Profit & Loss accounts	Registrar of Joint Stock Companies & Firms	Annual	The balance sheet and the profit & loss account shall be approved by the board of directors before they are signed on behalf of the Board and are submitted to the auditors for their report.
Annual General Meeting	Registrar of Joint Stock Companies & Firms	Annual	Within 18 months from the date of incorporation. The time gap between one AGM and the next shall, in no case, exceed 15 months
Balance Sheet and Profit & Loss	Registrar of Joint Stock Companies & Firms	Annual	Within 30 days from the end of each AGM
Annual Company Return (Schedule X) Filing	Registrar of Joint Stock Companies & Firms	Annual	Within 21 days of holding the Annual General Meeting
Trade License Renewal	City Corporation	Annual	After 30 June each year.

BIDA Permission Renewal	Bangladesh Investment Development Authority (BIDA)	Upon expiry	Within two months prior to expiry
Trade License Renewal	City Corporation	Annual	After 30 June each year.

There are other internal compliances such as maintenance of registers etc.