C. Commercial Remittances:
1. Opening of branches or subsidiary companies abroad:
Remittance of upto US$30,000/- or equivalent per annum may be released by the Authorized Dealers without prior approval of Bangladesh Bank to meet current expenses of offices/branches opened abroad by resident in Bangladesh or Commercial/Industrial concern incorporated in Bangladesh.
Such remittance may only be made in the names of concerned offices/subsidiary companies abroad subject top examination of following papers:-
I) Approval letter of the competent authority of the country concerned for opening the office in that country copy of report submitted to Bangladesh banks, as per prescribed format, within one month of opening of foreign branches/subsidiaries.
Before effecting remittances for subsequent years the Authorized Dealers shall verify the renewed lease agreement (if applicable and shall satisfy itself about the actual necessity of remitting funds by examining the actual and/or estimated incomes and expenses of the offices/subsidiaries abroad as revealed from the its audited accounts and the other papers/vouchers.
2. Remittance by shipping companies airlines & courier service:
Foreign Shipping Companies, airlines and courier service companies may send, through an AD, funds collected in Bangladesh towards freight and passage after adjustment of local cost & Taxes, if any without prior approval of Bangladesh Bank.
3. Remittance of Royalty and technical fees:
No prior permission of the Bangladesh Bank of BOI is required by the enterprises for entering into agreement involving remittance of royalty, technical know-how or technical assistance fees, operational services fees, marketing commission etc., if the total fees and other expenses connected with technology transfer do not exceed.
a) 6% of the cost of imported machinery in case of new projects.
b) 6% of the previous year’s sales as declared in the income tax returns of the ongoing concerns.
4. Remittance on account of training & consultancy.
Industrial enterprises producing for local market may remit through Authorized Dealers upto 1% of their annual sales as declared in their previous years’ tax return for the purpose of training and consultancy services as per relevant contract with the foreign trainer/consultant, without prior approval of Bangladesh Bank.
5. Remittance of profits of foreign firms/branches:
Authorized Dealers may without prior Bangladesh Bank approval remit abroad the post tax profits of branches of foreign firms and companies including foreign banks & other financial institutions subject to submission of relevant documents/information along with the application.
6. Remittance of Dividend:
Prior permission of Bangladesh Bank is not required for-
i) Remittance of dividend income to non-resident shareholders on receipt of application in the prescribe form from the companies concerned.
ii) Remittance of dividend declared out of previous years’ accumulated reserves.
7. Subscriptions to foreign media services:
On application from the local newspapers, Authorized Dealers may remit foreign exchange towards cost of subscription of news items, features, articles of foreign news agencies subject to submission of (I) contracts entered into between the applicant and the foreign news agency and (ii) NOC of the Ministry of Information.
8. Costs/ for Reuter monitors:
Authorized Dealers may remit abroad costs/fees on account of their own subscription to foreign media services such as Reuter monitor service, without prior approval of Bangladesh Bank.
9. Advertisement of Bangladeshi Products in mass media abroad:
Prior permission of Bangladesh is not required by the Authorized Dealers for remittance of charges for advertisement of Bangladeshi commodities in mass media abroad subject to submission of Invoice from the concerned foreign mass media along with the applications of the remitter. The applicant will have to submit copy of the advertisement to the Ad within one month of this issuance.
10. Bank Charges:
The Authorized Dealers may affect remittances towards settlement of dues to foreign banks of bank charges, cost of cables and other incidental charges arising in their normal course of the business without prior approval of Bangladesh Bank.
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