Standard Chartered Bank (SCB), Bangladesh, is finding it difficult to bring in cash currency of US$10 million from overseas due to heavy tax burden.
The SCB has said it will have to pay 26.5 per cent of the foreign currency as tax. It has obtained permission from Bangladesh Bank (BB) to import the foreign exchange to meet the demand for the same in the local market.
"… As such tax brackets will not make it possible for us to continue with the mentioned currency import," the SCB said in a letter sent to the National Board of Revenue (NBR).
The SCB has requested the finance minister and the revenue board to consider tax waiver to facilitate the currency import.
When asked, a senior customs official said the board has sought opinion from the central bank on the matter.
"There is no tax on foreign currency import for Bangladesh Bank. We have to review it for private banks," he said.
SCB is currently trying to import foreign currency up to a maximum amount of $ 10 billion from Travelex, London as the current demands cannot be met by SCB, Bangladesh itself.
SCB requests NBR for tax-free import of $10m
FE Team | Published: November 14, 2010 00:00:00 | Updated: February 01, 2018 00:00:00
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