Limited  Company Tax compliance:

Step 1 of Tax Compliance in Bangladesh: Tax Identification Number (TIN)

• Tax Identification Number (TIN) is issued by the National Board of Revenue (NBR) which is a unique 12 digit identification number.
• The Tax Identification Number (TIN) determines that tax office and its subdivision where Private Limited Company/ Public limited Company.

Step 2 of Tax Compliance in Bangladesh: Day to day compliance activities:

• Reviewing all invoices to be received from the suppliers, vendors and service providers and calculating the applicable amount of withholding tax.
• Depositing withholding tax to the relevant government authorities along with the relevant challans within specific time period.
• Collecting receipts copies of the relevant challans.
• Preserving copies of the relevant challans for future reference and submission to the relevant governmental authority.

Step 3 of Tax Compliance in Bangladesh: Monthly Compliance Activities

• Monthly Withholding / Tax Deducted at Source(TDS) Statement Submission (excluding Salary TDS)

i.     Preparing monthly withholding Statement.

ii.     Arranging relevant withholding tax challans for onward  submission to respective tax circle office along with Withholding (TDS) statement.

iii.     Submitting Monthly TDS Statement along with treasury and        withholding challans.

iv.     Collecting and preserving receipt copy of monthly TDS   Statement and,

v.     Providing documents and explanation as per the requirements of the respective Deputy Commissioner of taxes (DCT).

• Monthly Withholding (TDS) Statement Submission (Salary TDS)

i.     Preparing monthly withholding Statement for salary expenses.

ii.     Arranging relevant withholding tax challans for salary expenses onward submission to respective tax circle office along with Withholding (TDS) Statement.

iii.     Submitting monthly TDS Statement for salary expenses along with treasury and withholding challans.

iv.     Collecting and preserving receipt copy of monthly TDS return for salary expenses and,

v.     Providing documents and explanation for salary expenses as per the requirements of the respective Deputy Commissioner of taxes (DCT).

Step 4 of Tax Compliance in Bangladesh: Quarterly Compliance Activities:

• Quarterly Advance Income Tax Computation and Submission.

i.     Computation and assisting in payment of advance income tax.

• Quarterly Accounting Reporting

i.     Preparing Quarterly Return as per Bangladesh Bank and Bangladesh Investment Development Authority and National Board of Revenue.

ii.     Take necessary steps to submit the Financial Statements with govt. authority (e.g. Bangladesh Investment Development Authority, Bangladesh Bank and National Board of Revenue as and when applicable).

Step 5 of Tax Compliance in Bangladesh: Semi Annually Compliance Activities

a)     Preparing semi-annual statement for withholding tax.

b)     Arranging relevant withholding tax challans for onward submission to tax office along with withholding tax return.

c)     Submitting the withholding tax return to respective income tax office.

d)     Collecting and preserving receipt copy of the withholding tax return, and,

e)     Providing documents and explanation as per the requirements of Deputy Commissioner of Taxes (DCT).

Step 6 of Tax Compliance in Bangladesh: Annually Compliance Activities

a)     Annual return submission U/S 108 regarding payment of Salary

i.     Preparing Sec.-108 return of Annual Information regarding annual payment of Salary and withholding salary tax over the period.

ii.     Submission of Annual Information regarding payment of Salary to NBR u/s 108

iii.     Collecting and preserving receipt copy of the withholding tax return, and,

iv.     Providing documents and explanation as per the requirements of Deputy Commissioner of Taxes.

b)   Annual return submission U/S 109 regarding payment of Interest

i.         the name and address of every person to whom such payment has been made, or was due, during the preceding financial year

ii.         the amount of payment so made or due; and

iii.         such other particulars as may be prescribed

c)     Annual return submission U/S 110 regarding payment of Dividend

i.         the name and address of every shareholder, as entered in the register of shareholders, to whom a dividend or the aggregate of dividends has been paid or distributed during the preceding financial year if such payment exceeds such amount as may be prescribed;

ii.         the amount of dividend or dividends so paid or distributed; and

iii.         such other particulars as may be prescribed

d)     Annual corporate tax return Submission

In Bangladesh, companies are required to file return of income tax as per Income Tax Ordinance, 1984. When the companies are filing tax return to the NBR, the following procedures should be followed-

i.     Collecting necessary information for tax computation and tax return preparation.

ii.     Computing annual tax.

iii.     Preparing the annual corporate tax return, and,

iv.     Submitting the annual corporate tax return along with all necessary documents ( Audit Report,Withholding Tax Papers, Pay Order of Remaining Tax, Advance Tax Payment Copy, Bank Statements) to the tax office within specific time period.

Monitoring individual annual tax return submission of employee.

i.         Monitoring individual annual tax return submission of employee within stipulated time.

ii.         Collecting and preserving receipt copy of the acknowledgement copy for Bangladeshi employee

• Tax
• VAT
• License
• BOI
• RJSC
• Trade Mark
• ERC
• IRC
• Audit
• License

text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text

text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text